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

Alliance Laundry Holdings / Equity Capital Markets

<ul>
<li>The shares priced at the high end of the range, $22.00, and opened at $24.50, marking an initial gain of 11.4% on first trade.</li>
<li>The deal was north of 10-times oversubscribed and the underwriters had enough demand to message to investors an upsize of 10%. </li>
<li>This steady performance, combined with strong book demand, positioned ALH as one of the few private equity-backed IPO success stories in 2025.</li>
</ul>


The shares priced at the high end of the range, $22.00, and opened at $24.50, marking an initial gain of 11.4% on first trade.
The deal was north of 10-times oversubscribed and the underwriters had enough demand to message to investors an upsize of 10%. 
This steady performance, combined with strong book demand, positioned ALH as one of the few private equity-backed IPO success stories in 2025.


Alliance Laundry Holdings (ALH): Debt-Heavy Private Equity IPO Surprises with Strong Debut

<ul>
<li>There are a pair of anchor orders totaling $200 million and the deal is considered well-oversubscribed. </li>
<li>Alliance Laundry Holdings is targeting an enterprise value of up to $6.5 billion, equating to around 16x adjusted EBITDA for the 12 months ended June 30.</li>
<li>We currently lack conviction on this IPO but the valuation does make sense.</li>
</ul>


There are a pair of anchor orders totaling $200 million and the deal is considered well-oversubscribed. 
Alliance Laundry Holdings is targeting an enterprise value of up to $6.5 billion, equating to around 16x adjusted EBITDA for the 12 months ended June 30.
We currently lack conviction on this IPO but the valuation does make sense.


Alliance Laundry Holdings Inc. (ALH): Robust Free Cash Flow Underscores BDT-Backed IPO

Phoenix Education Partners / Equity Capital Markets

<ul>
<li>Phoenix Education Partners (PXED US) set terms for its IPO on Tuesday and is offering 4.25 million shares at $31-$33.</li>
<li>Beginning in the first full fiscal quarter following the completion of this offering, they anticipate paying a quarterly cash dividend at a rate initially equal to approximately $0.84 per share.</li>
<li>Phoenix Education, however, stands apart: the company has no debt, is profitable, and even plans to pay a dividend.</li>
</ul>


Phoenix Education Partners (PXED US) set terms for its IPO on Tuesday and is offering 4.25 million shares at $31-$33.
Beginning in the first full fiscal quarter following the completion of this offering, they anticipate paying a quarterly cash dividend at a rate initially equal to approximately $0.84 per share.
Phoenix Education, however, stands apart: the company has no debt, is profitable, and even plans to pay a dividend.


Phoenix Education Partners (PXED): Higher Education Company Sets Terms for IPO

<ul>
<li>Alliance Laundry Holdings (ALH US) is offering 34.146 million shares at $19-$22 and will debut on the NYSE on Thursday, October 9th. </li>
<li>The company is backed by BDT Capital who will own 76.0% of this company post-IPO. </li>
<li>The durability of this market will have to be balanced with the valuation and the large amount of indebtedness this company has on the balance sheet. </li>
</ul>


Alliance Laundry Holdings (ALH US) is offering 34.146 million shares at $19-$22 and will debut on the NYSE on Thursday, October 9th. 
The company is backed by BDT Capital who will own 76.0% of this company post-IPO. 
The durability of this market will have to be balanced with the valuation and the large amount of indebtedness this company has on the balance sheet. 


Alliance Laundry Holdings Inc. (ALH): Another Private Equity Backed Company to Test IPO Market

<ul>
<li>Alliance Laundry Holdings (ALH US), filed for its IPO on September 12th. </li>
<li>BDT Capital Partners became the controlling shareholder of Alliance Laundry Systems in 2015, when its investment funds acquired a majority stake in the company from the Ontario Teachers’ Pension Plan.</li>
<li>They had net revenues of $1.38 billion, $1.37 billion, and $1.51 billion and net income of $99.7 million, $88.3 million, and $98.3 million in 2022, 2023, and 2024, respectively.</li>
</ul>


Alliance Laundry Holdings (ALH US), filed for its IPO on September 12th. 
BDT Capital Partners became the controlling shareholder of Alliance Laundry Systems in 2015, when its investment funds acquired a majority stake in the company from the Ontario Teachers’ Pension Plan.
They had net revenues of $1.38 billion, $1.37 billion, and $1.51 billion and net income of $99.7 million, $88.3 million, and $98.3 million in 2022, 2023, and 2024, respectively.


Alliance Laundry Holdings Inc. (ALH): Peeking at the Prospectus of Commercial Laundry Manufacturer

United States

Alliance Laundry Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, designs, manufactures, and markets commercial laundry equipment, such as washing machines and dryers used in laundromats, hospitality, healthcare, spas, military, and multi-housing facilities. Alliance Laundry Holdings serves customers worldwide.

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Alliance Laundry Holdings (ALH US)

Alliance Laundry Holdings (ALH): Debt-Heavy Private Equity IPO Surprises with Strong Debut

ALH's IPO priced at $22.00, opened at $24.50 with an 11.4% gain, oversubscribed 10 times with potential for 10% upsize, making it a standout...

IPO Boutique

Alliance Laundry Holdings Inc. (ALH): Robust Free Cash Flow Underscores BDT-Backed IPO

Alliance Laundry Holdings is seeking a $6.5 billion valuation with anchor orders totaling $200 million, but analysts are unsure about the IPO.

IPO Boutique

Phoenix Education Partners (PXED): Higher Education Company Sets Terms for IPO

Phoenix Education Partners is offering 4.25 million shares at $31-$33 in its IPO, with plans to pay a quarterly cash dividend of approximately...

IPO Boutique

Alliance Laundry Holdings Inc. (ALH): Another Private Equity Backed Company to Test IPO Market

Alliance Laundry Holdings set to debut on NYSE with 34.146 million shares offered at $19-$22, backed by BDT Capital. Concerns over valuation and...

IPO Boutique

Alliance Laundry Holdings Inc. (ALH): Peeking at the Prospectus of Commercial Laundry Manufacturer

Alliance Laundry Holdings files for IPO after BDT Capital Partners acquisition, showing strong financial performance in recent years.

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Alliance Laundry Holdings (ALH): Debt-Heavy Private Equity IPO Surprises with Strong Debut

​ALH's IPO priced at $22.00, opened at $24.50 with an 11.4% gain, oversubscribed 10 times with potential for 10% upsize, making it a standout...

IPO Boutique

Alliance Laundry Holdings Inc. (ALH): Robust Free Cash Flow Underscores BDT-Backed IPO

​Alliance Laundry Holdings is seeking a $6.5 billion valuation with anchor orders totaling $200 million, but analysts are unsure about the IPO.

IPO Boutique

Phoenix Education Partners (PXED): Higher Education Company Sets Terms for IPO

​Phoenix Education Partners is offering 4.25 million shares at $31-$33 in its IPO, with plans to pay a quarterly cash dividend of approximately...

IPO Boutique

Alliance Laundry Holdings Inc. (ALH): Another Private Equity Backed Company to Test IPO Market

​Alliance Laundry Holdings set to debut on NYSE with 34.146 million shares offered at $19-$22, backed by BDT Capital. Concerns over valuation and...

IPO Boutique

Alliance Laundry Holdings Inc. (ALH): Peeking at the Prospectus of Commercial Laundry Manufacturer

​Alliance Laundry Holdings files for IPO after BDT Capital Partners acquisition, showing strong financial performance in recent years.

IPO Boutique

ALH's IPO priced at $22.00, opened at $24.50 with an 11.4% gain, oversubscribed 10 times with potential for 10% upsize, making it a standout...

Alliance Laundry Holdings is seeking a $6.5 billion valuation with anchor orders totaling $200 million, but analysts are unsure about the IPO.

Phoenix Education Partners is offering 4.25 million shares at $31-$33 in its IPO, with plans to pay a quarterly cash dividend of approximately...

Alliance Laundry Holdings set to debut on NYSE with 34.146 million shares offered at $19-$22, backed by BDT Capital. Concerns over valuation and...

Alliance Laundry Holdings files for IPO after BDT Capital Partners acquisition, showing strong financial performance in recent years.