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

<ul>
<li>CoreWeave (CRWV US) officially set terms for an IPO on Thursday morning coming in with a valuation and cash raise that was much lower than previously reported. </li>
<li>Furthermore, the underwriters placed a wider-than-normal spread on the range, $47-$55. This insinuates a negotiation process between the buy-side.</li>
<li>The valuation coming in lower than anticipated will allow investors to put money to work at a more attractive risk-reward profile. </li>
</ul>


CoreWeave (CRWV US) officially set terms for an IPO on Thursday morning coming in with a valuation and cash raise that was much lower than previously reported. 
Furthermore, the underwriters placed a wider-than-normal spread on the range, $47-$55. This insinuates a negotiation process between the buy-side.
The valuation coming in lower than anticipated will allow investors to put money to work at a more attractive risk-reward profile. 


CoreWeave (CRWV): Valuation, Cash Raise Lighter than Expected as Company Pushes Ahead with IPO

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

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Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
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Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance Ltd ("BAF")</a> reported a strong Q3FY25 led by good volume growth and AUM growth. It saw highest ever new loans at 12.06mm. AUM growth was INR 24119cr. </li>
<li>Despite elevated credit costs for peers, BAF has been relatively insulated and reported steady asset quality. ROA and Opex were also steady at around 4.5% and 33%, respectively.</li>
<li>In line with BAF's long-range strategy, BAF is increasingly adopting AI to improve productivity. As part of this, BAF unveiled a BFL 3.0 FINAI company.</li>
</ul>



Bajaj Finance Ltd ("BAF") reported a strong Q3FY25 led by good volume growth and AUM growth. It saw highest ever new loans at 12.06mm. AUM growth was INR 24119cr. 
Despite elevated credit costs for peers, BAF has been relatively insulated and reported steady asset quality. ROA and Opex were also steady at around 4.5% and 33%, respectively.
In line with BAF's long-range strategy, BAF is increasingly adopting AI to improve productivity. As part of this, BAF unveiled a BFL 3.0 FINAI company.


Bajaj Finance (BAF): Robust Growth in Place

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>Hanwha Aerospace announced that it plans to purchase a 7.3% stake in Hanwha Ocean. </li>
<li>This 7.3% stake in Hanwha Ocean is currently worth about 1.3 trillion won (US$0.9 billion). After this purchase, Hanwha Aerospace's stake in Hanwha Ocean will increase from 23.14% to 30.44%.</li>
<li><em><strong>There could be a further positive momentum on Hanwha Aerospace in the near-term due to its positive earnings report in 4Q24 combined with acquisition of additional stake in Hanwha Ocean.  </strong></em></li>
</ul>


Hanwha Aerospace announced that it plans to purchase a 7.3% stake in Hanwha Ocean. 
This 7.3% stake in Hanwha Ocean is currently worth about 1.3 trillion won (US$0.9 billion). After this purchase, Hanwha Aerospace's stake in Hanwha Ocean will increase from 23.14% to 30.44%.
There could be a further positive momentum on Hanwha Aerospace in the near-term due to its positive earnings report in 4Q24 combined with acquisition of additional stake in Hanwha Ocean.  


Hanwha Aerospace Acquiring Additional 7.3% Stake in Hanwha Ocean for About 1.3 Trillion Won

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Chevron’s 2024 revenue rose 0.9% YoY, beating estimates by 4.7%, but EPS fell 23.5%, missing estimates by 1.2%. The downstream segment reported its first loss since 2020.</li>
<li>Chevron’s Q4 production fell 1.2% YoY but 2024 output hit a record, with global and U.S. production up 7% and 19% YoY, driven by growth in the Permian.</li>
<li>Chevron raised its quarterly dividend by 5% to USD 1.71/share and reaffirmed plans to generate USD 10 billion in free cash flow over two years.</li>
</ul>


Chevron’s 2024 revenue rose 0.9% YoY, beating estimates by 4.7%, but EPS fell 23.5%, missing estimates by 1.2%. The downstream segment reported its first loss since 2020.
Chevron’s Q4 production fell 1.2% YoY but 2024 output hit a record, with global and U.S. production up 7% and 19% YoY, driven by growth in the Permian.
Chevron raised its quarterly dividend by 5% to USD 1.71/share and reaffirmed plans to generate USD 10 billion in free cash flow over two years.


[Earnings Review] Chevron Missed Expectations Due to Low Margins and High Costs

<ul>
<li>Exxon Mobil’s Q4 revenue fell by 0.8% YoY and net profit decreased by 25.8%. Revenue missed estimates by 3.4% but EPS exceeded expectations by 7.6%.</li>
<li>Upstream production rose 0.4% QoQ and 20.3% YoY to 4.6 mboepd, driven by record output in Guyana and the Permian, while crude price realizations declined sequentially and annually.</li>
<li>Low Permian production costs and high-margin Guyana projects sustained profitability despite weaker oil prices and declining refining margins.</li>
</ul>


Exxon Mobil’s Q4 revenue fell by 0.8% YoY and net profit decreased by 25.8%. Revenue missed estimates by 3.4% but EPS exceeded expectations by 7.6%.
Upstream production rose 0.4% QoQ and 20.3% YoY to 4.6 mboepd, driven by record output in Guyana and the Permian, while crude price realizations declined sequentially and annually.
Low Permian production costs and high-margin Guyana projects sustained profitability despite weaker oil prices and declining refining margins.


[Earnings Review] Exxon Topped Q4 EPS Estimates on Low Costs and High-Margin Projects

CoreWeave (CRWV): Valuation, Cash Raise Lighter than Expected as Company Pushes Ahead with IPO

CoreWeave sets lower IPO terms with wider price range, offering investors a more attractive risk-reward profile. CoreWeave will debut on Friday (3...

IPO Boutique

Bajaj Finance (BAF): Robust Growth in Place

BAF reported a robust Q3FY25 led by strong growth. Asset quality and NIM has stabilized despite macro challenges. BAF's growth longevity suggests...

Ankit Agrawal, CFA

Hanwha Aerospace Acquiring Additional 7.3% Stake in Hanwha Ocean for About 1.3 Trillion Won

Hanwha Aerospace announced a rights offering capital raise of 3.6 trillion won; this is the largest ever rights offering in Korea. This is likely...

Douglas Kim

[Earnings Review] Chevron Missed Expectations Due to Low Margins and High Costs

Chevron's 2024 revenue beats estimates, but EPS falls as downstream segment reports first loss since 2020. Production fell in Q4 but hit record...

Mint Finance

[Earnings Review] Exxon Topped Q4 EPS Estimates on Low Costs and High-Margin Projects

Exxon Mobil's Q4 revenue and net profit declined, but strong upstream production in Guyana and the Permian helped sustain profitability despite...

Mint Finance

CoreWeave (CRWV): Valuation, Cash Raise Lighter than Expected as Company Pushes Ahead with IPO

​CoreWeave sets lower IPO terms with wider price range, offering investors a more attractive risk-reward profile. CoreWeave will debut on Friday (3...

IPO Boutique

Bajaj Finance (BAF): Robust Growth in Place

BAF reported a robust Q3FY25 led by strong growth. Asset quality and NIM has stabilized despite macro challenges. BAF's growth longevity suggests...

Ankit Agrawal, CFA

Hanwha Aerospace Acquiring Additional 7.3% Stake in Hanwha Ocean for About 1.3 Trillion Won

Hanwha Aerospace announced a rights offering capital raise of 3.6 trillion won; this is the largest ever rights offering in Korea. This is likely...

Douglas Kim

[Earnings Review] Chevron Missed Expectations Due to Low Margins and High Costs

​Chevron's 2024 revenue beats estimates, but EPS falls as downstream segment reports first loss since 2020. Production fell in Q4 but hit record...

Mint Finance

[Earnings Review] Exxon Topped Q4 EPS Estimates on Low Costs and High-Margin Projects

​Exxon Mobil's Q4 revenue and net profit declined, but strong upstream production in Guyana and the Permian helped sustain profitability despite...

Mint Finance

CoreWeave sets lower IPO terms with wider price range, offering investors a more attractive risk-reward profile. CoreWeave will debut on Friday (3...

Chevron's 2024 revenue beats estimates, but EPS falls as downstream segment reports first loss since 2020. Production fell in Q4 but hit record...

Exxon Mobil's Q4 revenue and net profit declined, but strong upstream production in Guyana and the Permian helped sustain profitability despite...