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

Accelerant Holdings / Equity Capital Markets

<ul>
<li>Accelerant Holdings (ARX US)  priced 34.46mm shares (upsized from 28.95mm) at $21.00($1 Above the $18-$20 range) and opened at $28.50 for a gain of 35.7% at first trade.</li>
<li>This was the fifth insurance related IPO to debut in 2025 and all have been winners.</li>
<li>We see this company having potential staying power in the short term. Several insurance related IPOs have traded higher for longer than many short term investors would have anticipated.</li>
</ul>


Accelerant Holdings (ARX US)  priced 34.46mm shares (upsized from 28.95mm) at $21.00($1 Above the $18-$20 range) and opened at $28.50 for a gain of 35.7% at first trade.
This was the fifth insurance related IPO to debut in 2025 and all have been winners.
We see this company having potential staying power in the short term. Several insurance related IPOs have traded higher for longer than many short term investors would have anticipated.


Accelerant Holdings (ARX): Insurance Sector Brings Another IPO Winner to Market; Pops 36% at Open

<ul>
<li>According to our sources, the deal is double-digits oversubscribed with "meaningful mutual fund conversions".</li>
<li>Exchange written premiums were $3.1b in 2024 and the company is projecting premiums of $2.0b-$2.1b in the 1H 2025 alone.</li>
<li>From a valuation standpoint, the company is targeting a near 20x multiple of EV-to-Ebitda and mid-teens multiple based on 2026 Ebitda which is considered aggressive.</li>
</ul>


According to our sources, the deal is double-digits oversubscribed with "meaningful mutual fund conversions".
Exchange written premiums were $3.1b in 2024 and the company is projecting premiums of $2.0b-$2.1b in the 1H 2025 alone.
From a valuation standpoint, the company is targeting a near 20x multiple of EV-to-Ebitda and mid-teens multiple based on 2026 Ebitda which is considered aggressive.


Accelerant Holdings (ARX): Growth & Adoption Highlights Bull Case for Insurance Marketplace IPO

<ul>
<li>Accelerant Holdings is offering 28.947mm shares at $18.00-$20.00 equating to a market cap of $4.0b-$4.4b and is scheduled to debut on July 24th.</li>
<li>As of June 30, 2025 they have 248 Members as compared to 186 Members as of June 30, 2024 (and 232 Members as of March 31, 2025).</li>
<li>Given the positive tailwind from recent insurance-related IPOs as well as the strong metrics released in the company's "flash numbers", we believe this company could potentially be "well-received". </li>
</ul>


Accelerant Holdings is offering 28.947mm shares at $18.00-$20.00 equating to a market cap of $4.0b-$4.4b and is scheduled to debut on July 24th.
As of June 30, 2025 they have 248 Members as compared to 186 Members as of June 30, 2024 (and 232 Members as of March 31, 2025).
Given the positive tailwind from recent insurance-related IPOs as well as the strong metrics released in the company's "flash numbers", we believe this company could potentially be "well-received". 


Accelerant Holdings (ARX): Specialty Insurance Marketplace with Strong Tailwinds, Sets Terms for IPO

<ul>
<li>They have grown their revenues by 57% to $344 million in 2023 and by 75% to $603 million for the year ended December 31, 2024.</li>
<li>The company that describes itself as operating a data-driven risk exchange that connects selected specialty insurance underwriters with risk capital partners.</li>
<li>The insurance sector in which this company operates in is one that is traditionally well-received by IPO investors and has been so far in 2025.</li>
</ul>


They have grown their revenues by 57% to $344 million in 2023 and by 75% to $603 million for the year ended December 31, 2024.
The company that describes itself as operating a data-driven risk exchange that connects selected specialty insurance underwriters with risk capital partners.
The insurance sector in which this company operates in is one that is traditionally well-received by IPO investors and has been so far in 2025.


Accelerant Holdings (ARX): Peeking at the Prospectus of the Next Specialty Insurance Related IPO

Neptune Insurance Holdings / Equity Capital Markets

<ul>
<li>The company priced 18.4 million shares at $20.00, the high end of its $18.00–$20.00 range and shares opened at $22.50, a 12.5% premium.</li>
<li>The deal was in high demand ahead of pricing, with order books reportedly more than 10x oversubscribed.</li>
<li>Neptune’s debut follows five other insurance-related IPOs this year, a sector that has produced strong results immediately following their IPOs.</li>
</ul>


The company priced 18.4 million shares at $20.00, the high end of its $18.00–$20.00 range and shares opened at $22.50, a 12.5% premium.
The deal was in high demand ahead of pricing, with order books reportedly more than 10x oversubscribed.
Neptune’s debut follows five other insurance-related IPOs this year, a sector that has produced strong results immediately following their IPOs.


Neptune Insurance Holdings (NP): Double-Digit Oversubscribed Demand Leads To 24% First Day Return

United States

Accelerant Holdings operates as a holding company. The Company, through its subsidiaries, offers a data-driven risk exchange platform that connects selected specialty insurance underwriters with risk capital partners, as well as simplifies the traditional insurance value chain. Accelerant Holdings serves customers worldwide.

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Accelerant Holdings (ARX US)

Accelerant Holdings (ARX): Insurance Sector Brings Another IPO Winner to Market; Pops 36% at Open

Accelerant Holdings IPO priced above range at $21 per share, opened at $28.50 for a 35.7% gain, continuing trend of successful insurance-related...

IPO Boutique

Accelerant Holdings (ARX): Growth & Adoption Highlights Bull Case for Insurance Marketplace IPO

The company's oversubscribed deal and strong premium projections are driving aggressive valuation targets. Accelerant is scheduled to debut on...

IPO Boutique

Accelerant Holdings (ARX): Specialty Insurance Marketplace with Strong Tailwinds, Sets Terms for IPO

Accelerant Holdings is set to debut on July 24th with a market cap of $4.0b-$4.4b, showing growth in membership and positive indicators for a...

IPO Boutique

Neptune Insurance Holdings (NP): Double-Digit Oversubscribed Demand Leads To 24% First Day Return

Neptune's IPO priced at $20 per share, opened at $22.50 with high demand and follows successful insurance-related IPOs this year.

IPO Boutique

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52-week Range

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Accelerant Holdings (ARX): Insurance Sector Brings Another IPO Winner to Market; Pops 36% at Open

​Accelerant Holdings IPO priced above range at $21 per share, opened at $28.50 for a 35.7% gain, continuing trend of successful insurance-related...

IPO Boutique

Accelerant Holdings (ARX): Growth & Adoption Highlights Bull Case for Insurance Marketplace IPO

​The company's oversubscribed deal and strong premium projections are driving aggressive valuation targets. Accelerant is scheduled to debut on...

IPO Boutique

Accelerant Holdings (ARX): Specialty Insurance Marketplace with Strong Tailwinds, Sets Terms for IPO

​Accelerant Holdings is set to debut on July 24th with a market cap of $4.0b-$4.4b, showing growth in membership and positive indicators for a...

IPO Boutique

Accelerant Holdings (ARX): Peeking at the Prospectus of the Next Specialty Insurance Related IPO

​A data-driven risk exchange company in the insurance sector has seen significant revenue growth and positive reception from IPO investors in 2025.

IPO Boutique

Neptune Insurance Holdings (NP): Double-Digit Oversubscribed Demand Leads To 24% First Day Return

​Neptune's IPO priced at $20 per share, opened at $22.50 with high demand and follows successful insurance-related IPOs this year.

IPO Boutique

Accelerant Holdings IPO priced above range at $21 per share, opened at $28.50 for a 35.7% gain, continuing trend of successful insurance-related...

The company's oversubscribed deal and strong premium projections are driving aggressive valuation targets. Accelerant is scheduled to debut on...

Accelerant Holdings is set to debut on July 24th with a market cap of $4.0b-$4.4b, showing growth in membership and positive indicators for a...

A data-driven risk exchange company in the insurance sector has seen significant revenue growth and positive reception from IPO investors in 2025.

Neptune's IPO priced at $20 per share, opened at $22.50 with high demand and follows successful insurance-related IPOs this year.