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>Brazilian fintech AGI (AGBK US) filed for a potential Q1 IPO, following PicPay, as Brazil-based issuers increasingly access U.S. public markets.</li>
<li>AGI serves 6.4 million active clients through a hybrid Smart Hub and digital model, delivering secured lending, banking, and insurance to underserved Brazilians.</li>
<li>Strong growth and large TAM underpin the story, with rapid client and revenue expansion, modest market share, and a R$2.0 trillion addressable market.</li>
</ul>


Brazilian fintech AGI (AGBK US) filed for a potential Q1 IPO, following PicPay, as Brazil-based issuers increasingly access U.S. public markets.
AGI serves 6.4 million active clients through a hybrid Smart Hub and digital model, delivering secured lending, banking, and insurance to underserved Brazilians.
Strong growth and large TAM underpin the story, with rapid client and revenue expansion, modest market share, and a R$2.0 trillion addressable market.


AGI Inc. (AGBK): Peeking at the IPO Prospectus of a Brazilian Financial Services Company

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>Inter, our “pain trade” in 2Q 2026, remains our sole buy in EM neobanks; Inter offers a balanced business model, with improving execution and controlled credit delinquency, alongside attractive valuations</li>
<li>Nubank delivers strong operational returns along with its high activity rate, yet we stay neutral due to challenging credit quality trends and valuations; we view PicPay and Agibank with caution</li>
<li>We include K Bank of South Korea and Superbank of Indonesia in our EM neobanks coverage; K Bank looks attractively valued, but we believe the business model is high risk</li>
</ul>


Inter, our “pain trade” in 2Q 2026, remains our sole buy in EM neobanks; Inter offers a balanced business model, with improving execution and controlled credit delinquency, alongside attractive valuations
Nubank delivers strong operational returns along with its high activity rate, yet we stay neutral due to challenging credit quality trends and valuations; we view PicPay and Agibank with caution
We include K Bank of South Korea and Superbank of Indonesia in our EM neobanks coverage; K Bank looks attractively valued, but we believe the business model is high risk


EM Neobanks – Stick with Inter (INTR US) As Our Sole Buy Rating

<ul>
<li>We re-instate our buy on Inter for its healthy credit quality credentials, improving operating returns and its attractive valuations to premium earnings growth potential</li>
<li>Nubank remains a neutral - due to valuation - but is one to watch for its strong operational returns supported by its high activity rate; Kakaobank is also on watch</li>
<li>PicPay is deep value but its rapid deterioration in credit quality and cost of risk are serious challenges; we believe that recent IPO Agibank is another relatively challenged Brazilian neobank</li>
</ul>


We re-instate our buy on Inter for its healthy credit quality credentials, improving operating returns and its attractive valuations to premium earnings growth potential
Nubank remains a neutral - due to valuation - but is one to watch for its strong operational returns supported by its high activity rate; Kakaobank is also on watch
PicPay is deep value but its rapid deterioration in credit quality and cost of risk are serious challenges; we believe that recent IPO Agibank is another relatively challenged Brazilian neobank


EM Neobanks – Re-Instating the Buy Rating on Inter (INTR US)

Brazil

AGI Inc. is a technology-powered provider of specialized financial services in Brazil, focusing on individual customers. The company offers banking, credit, and insurance products, including digital accounts, cards, payroll loans, and personal loans. It was founded in 1999 and is headquartered in Campinas, Brazil.

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AGI (AGBK US)

AGI Inc. (AGBK): Peeking at the IPO Prospectus of a Brazilian Financial Services Company

Brazilian fintech AGI files for potential Q1 IPO in the U.S., serving 6.4 million clients with secured lending, banking, and insurance for...

IPO Boutique

EM Neobanks – Stick with Inter (INTR US) As Our Sole Buy Rating

Inter is our buy in EM neobank, offering a balanced business model, with improving execution, controlled NPLs and attractive valuations; Nubank is...

Victor Galliano

EM Neobanks – Re-Instating the Buy Rating on Inter (INTR US)

Upgrading Inter to buy for its sound credit quality and valuations-to-growth, global benchmark Nubank is one to watch; PicPay and Agibank face NPL...

Victor Galliano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

AGI Inc. (AGBK): Peeking at the IPO Prospectus of a Brazilian Financial Services Company

​Brazilian fintech AGI files for potential Q1 IPO in the U.S., serving 6.4 million clients with secured lending, banking, and insurance for...

IPO Boutique

EM Neobanks – Stick with Inter (INTR US) As Our Sole Buy Rating

Inter is our buy in EM neobank, offering a balanced business model, with improving execution, controlled NPLs and attractive valuations; Nubank is...

Victor Galliano

EM Neobanks – Re-Instating the Buy Rating on Inter (INTR US)

​Upgrading Inter to buy for its sound credit quality and valuations-to-growth, global benchmark Nubank is one to watch; PicPay and Agibank face NPL...

Victor Galliano

Brazilian fintech AGI files for potential Q1 IPO in the U.S., serving 6.4 million clients with secured lending, banking, and insurance for...

Upgrading Inter to buy for its sound credit quality and valuations-to-growth, global benchmark Nubank is one to watch; PicPay and Agibank face NPL...