US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Alamar Biosciences / Equity Capital Markets

<ul>
<li>Shares remain above the IPO price, despite falling 38.8% from their October 6 intraday peak.</li>
<li>Second-Quarter revenue increased 82%, with consumables growth and improving gross margins supporting the platform’s commercial traction.</li>
<li>Leadership additions did not replace the CEO; premium valuation and possible future share supply warrant attention.</li>
</ul>


Shares remain above the IPO price, despite falling 38.8% from their October 6 intraday peak.
Second-Quarter revenue increased 82%, with consumables growth and improving gross margins supporting the platform’s commercial traction.
Leadership additions did not replace the CEO; premium valuation and possible future share supply warrant attention.


Alamar Biosciences (ALMR): Down From the Peak, Still Above the Offering

Kailera Therapeutics / Equity Capital Markets

<ul>
<li>IPO Momentum Reverses: KLRA opened 62.5% above issue but has subsequently declined 58.6% from its first trade, closing October 13 at $10.77.</li>
<li>Clinical Progress Continues: Kailera has completed enrollment in its Phase 3 ribupatide obesity trial, providing an important milestone despite the stock's weakness.</li>
<li>Investor Patience Tested: Significant private-market backing has not prevented selling pressure, while potential early-investor liquidity remains an overhang.</li>
</ul>


IPO Momentum Reverses: KLRA opened 62.5% above issue but has subsequently declined 58.6% from its first trade, closing October 13 at $10.77.
Clinical Progress Continues: Kailera has completed enrollment in its Phase 3 ribupatide obesity trial, providing an important milestone despite the stock's weakness.
Investor Patience Tested: Significant private-market backing has not prevented selling pressure, while potential early-investor liquidity remains an overhang.


Kailera Therapeutics (KLRA): Post-180-Day Review: Heavyweight Backers, Lightweight Returns

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

API for meaning-based web search tailored to AI agents and complex queries

<ul><li>Sacra estimates that Exa hit $100M in annualized revenue in September 2026, up from $14M at the end of 2025.</li><li>Exa raised a $250 million Series C at a $2.2 billion valuation in May 2026, led by Andreessen Horowitz.</li><li>More than 5,000 companies and 400,000 developers use Exa's products, with named customers including Cursor, Cognition, HubSpot, OpenRouter, and Monday.com.</li></ul>

Sacra estimates that Exa hit $100M in annualized revenue in September 2026, up from $14M at the end of 2025.Exa raised a $250 million Series C at a $2.2 billion valuation in May 2026, led by Andreessen Horowitz.More than 5,000 companies and 400,000 developers use Exa's products, with named customers including Cursor, Cognition, HubSpot, OpenRouter, and Monday.com.

AI communications and public relations software for media research, campaign planning, drafting, and coverage monitoring.

<ul><li>Honeyjar announced a $2M pre-seed round in December 2025, co-led by Heather Hartnett of Human Ventures and Kevin Mahaffey of SNR Ventures.</li><li>Honeyjar is an AI communications platform.</li><li>Honeyjar competes directly with Muck Rack, Cision, Meltwater, and Semrush's Prowly for media research, monitoring, and communications workflows.</li></ul>

Honeyjar announced a $2M pre-seed round in December 2025, co-led by Heather Hartnett of Human Ventures and Kevin Mahaffey of SNR Ventures.Honeyjar is an AI communications platform.Honeyjar competes directly with Muck Rack, Cision, Meltwater, and Semrush's Prowly for media research, monitoring, and communications workflows.

WindBorne operates autonomous weather balloons and sells atmospheric observations and AI-powered forecasts to government agencies and businesses.

<ul><li>WindBorne reported that revenue tripled over the twelve months through August 2026, as its fleet expanded to more than 600 autonomous weather balloons.</li><li>In October 2026, the US Air Force awarded WindBorne its largest contract to date, with a ceiling of $49M and $1.7M in orders placed at announcement.</li><li>WindBorne raised a $37M Series B in August 2026, co-led by Khosla Ventures and Galvanize with participation from Translink Capital, Biprogy, Lux Capital, and existing investors.</li></ul>

WindBorne reported that revenue tripled over the twelve months through August 2026, as its fleet expanded to more than 600 autonomous weather balloons.In October 2026, the US Air Force awarded WindBorne its largest contract to date, with a ceiling of $49M and $1.7M in orders placed at announcement.WindBorne raised a $37M Series B in August 2026, co-led by Khosla Ventures and Galvanize with participation from Translink Capital, Biprogy, Lux Capital, and existing investors.

US ECM
Coverage of US IPOs & Placements

Alamar Biosciences (ALMR): Down From the Peak, Still Above the Offering

Alamar’s proteomics growth remains strong, but a sharp pullback has reset expectations. Investors now face a premium valuation, continued losses...

IPO Boutique

Kailera Therapeutics (KLRA): Post-180-Day Review: Heavyweight Backers, Lightweight Returns

KLRA's 62.5% IPO opening premium has vanished, with shares 33% below issue. Phase 3 enrollment is complete, but investor patience and aftermarket...

IPO Boutique

Primer: Exa - 14 Oct 2026

API for meaning-based web search tailored to AI agents and complex queries

Sacra

Primer: Honeyjar - 13 Oct 2026

AI communications and public relations software for media research, campaign planning, drafting, and coverage monitoring.

Sacra

Primer: WindBorne - 13 Oct 2026

WindBorne operates autonomous weather balloons and sells atmospheric observations and AI-powered forecasts to government agencies and businesses.

Sacra