US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

Alliance Laundry Holdings / Index Rebalance

<ul>
<li>All eligible US IPOs that went public from 1 August to 31 October will get added to a major US index in December 2025.</li>
<li>The largest forecasted IPO additions in terms of market cap are <a href="https://www.smartkarma.com/entities/bullish-us-llc" target="_blank" data-smartkarma-citation="entities:45521:1" rel="noopener">Bullish US (BLSH US)</a>, <a href="https://www.smartkarma.com/entities/ft-intermediate-inc" target="_blank" data-smartkarma-citation="entities:45672:1" rel="noopener">FT Intermediate (FIGR US)</a> and <a href="https://www.smartkarma.com/entities/fermi-llc" target="_blank" data-smartkarma-citation="entities:45788:1" rel="noopener">Fermi (FRMI US)</a>.</li>
<li>The largest forecasted IPO additions in terms of passive fund impact include <a href="https://www.smartkarma.com/entities/legence-corp" target="_blank" data-smartkarma-citation="entities:45669:1" rel="noopener">Legence (LGN US)</a>, <a href="https://www.smartkarma.com/entities/via-transportation-inc" target="_blank" data-smartkarma-citation="entities:45670:1" rel="noopener">Via Transportation (VIA US)</a> and <a href="https://www.smartkarma.com/entities/avidia-bancorp-inc" target="_blank" data-smartkarma-citation="entities:46007:1" rel="noopener">Avidia Bancorp (AVBC US)</a>.</li>
</ul>


All eligible US IPOs that went public from 1 August to 31 October will get added to a major US index in December 2025.
The largest forecasted IPO additions in terms of market cap are Bullish US (BLSH US), FT Intermediate (FIGR US) and Fermi (FRMI US).
The largest forecasted IPO additions in terms of passive fund impact include Legence (LGN US), Via Transportation (VIA US) and Avidia Bancorp (AVBC US).


US: 19 IPOs Forecasted for Index Addition in December 2025

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alliance-laundry-holdings-inc" target="_blank" data-smartkarma-citation="entities:45787:1" rel="noopener">Alliance Laundry Holdings (ALH US)</a> went public on 9 October 2025 on the NYSE and has a current market cap of $5.3bn.</li>
<li>Inclusion in US indices is expected in December 2025, as the security meets US eligibility criteria before the lock-up expiry.</li>
<li>Global index inclusion is uncertain beyond February 2026, due to float cap constraints.</li>
</ul>



Alliance Laundry Holdings (ALH US) went public on 9 October 2025 on the NYSE and has a current market cap of $5.3bn.
Inclusion in US indices is expected in December 2025, as the security meets US eligibility criteria before the lock-up expiry.
Global index inclusion is uncertain beyond February 2026, due to float cap constraints.


Alliance Laundry Holdings (ALH US): Post‑IPO US & Global Index Inclusion

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

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)

US: 19 IPOs Forecasted for Index Addition in December 2025

Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

Dimitris Ioannidis