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>Ambiq Micro priced 4.0 million shares at $24.00.  The  share count was upsized 17.6% and the pricing was at the upper-half of the range. </li>
<li>The performance of Ambiq Micro is one that squarely places them among the best for the year in terms of opening performance. </li>
<li>A conservative valuation and a small deal size assisted in this IPO being wildly successful.</li>
</ul>


Ambiq Micro priced 4.0 million shares at $24.00.  The  share count was upsized 17.6% and the pricing was at the upper-half of the range. 
The performance of Ambiq Micro is one that squarely places them among the best for the year in terms of opening performance. 
A conservative valuation and a small deal size assisted in this IPO being wildly successful.


Ambiq Micro, Inc. (AMBQ): Semi-Conductor Surges, Upsized IPO Jumps 58% at Open

<ul>
<li>The company is forecasting a slow-down in growth based on moving a large portion of its business away from mainland China. </li>
<li>While order flow has come in steady for this IPO, some of our sources are taking a 'wait-and-see' approach. </li>
<li>The valuation is not aggressive, the smaller cash raise is manageable but there are still many questions about this company as they enter the public markets.</li>
</ul>


The company is forecasting a slow-down in growth based on moving a large portion of its business away from mainland China. 
While order flow has come in steady for this IPO, some of our sources are taking a 'wait-and-see' approach. 
The valuation is not aggressive, the smaller cash raise is manageable but there are still many questions about this company as they enter the public markets.


Ambiq Micro, Inc. (AMBQ): IPO Facing Challenges, Revenue Growth Stagnant Amidst Changes to Business

<ul>
<li>Ambiq Micro is offering 3.4mm shares at $22.00-$25.00 equating to a market cap of $375m-$426m and is scheduled to debut on July 30th.</li>
<li>The company is currently undergoing a "shift" from a customer base that relies heavily on mainland China to other parts of the world.</li>
<li>The updated prospectus further outlines the ownership percentages and lists Kleiner Perkins and EDB Investments Ptd Ltd as owners of 14.8% and 6.0% prior to this offering.</li>
</ul>


Ambiq Micro is offering 3.4mm shares at $22.00-$25.00 equating to a market cap of $375m-$426m and is scheduled to debut on July 30th.
The company is currently undergoing a "shift" from a customer base that relies heavily on mainland China to other parts of the world.
The updated prospectus further outlines the ownership percentages and lists Kleiner Perkins and EDB Investments Ptd Ltd as owners of 14.8% and 6.0% prior to this offering.


Ambiq Micro, Inc. (AMBQ): Semiconductor Solutions Company Sets Terms for IPO

<ul>
<li>The company describes itself as a pioneer and leading provider of ultra-low power semiconductor solutions designed to address the significant power consumption challenges of general purpose and AI compute.</li>
<li>For the three months ended March 31, 2025 and 2024, they generated net sales of $15.7 million and $15.2 million, respectively.</li>
<li>The sector in which this company operates is one that is in favor. Powering the AI trade is one that investors are highly engaged in at the moment.</li>
</ul>


The company describes itself as a pioneer and leading provider of ultra-low power semiconductor solutions designed to address the significant power consumption challenges of general purpose and AI compute.
For the three months ended March 31, 2025 and 2024, they generated net sales of $15.7 million and $15.2 million, respectively.
The sector in which this company operates is one that is in favor. Powering the AI trade is one that investors are highly engaged in at the moment.


Ambiq Micro, Inc. (AMBQ): Peeking at the IPO Prospectus of the Next Semiconductor Solutions Company

<ul>
<li>Bullish US (BLSH US) priced its upsized IPO of 30.0 million shares at $37.00, which was $4 above the already upwardly revised $32–$33 range.</li>
<li>The stock opened at $90.00, marking a +143.2% gain at first trade, and cementing one of the largest opening day premiums for a U.S. IPO this year.</li>
<li>The debut pop places Bullish among the standout IPOs of 2025, but the question will be whether the stock can maintain momentum in the aftermarket.</li>
</ul>


Bullish US (BLSH US) priced its upsized IPO of 30.0 million shares at $37.00, which was $4 above the already upwardly revised $32–$33 range.
The stock opened at $90.00, marking a +143.2% gain at first trade, and cementing one of the largest opening day premiums for a U.S. IPO this year.
The debut pop places Bullish among the standout IPOs of 2025, but the question will be whether the stock can maintain momentum in the aftermarket.


Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops

United States

Ambiq Micro, Inc. provides semiconductor technology solutions. The Company offers ultra-low power semiconductor platforms and solutions for battery-powered AI devices. Ambiq Micro serves customers in the United States, China, Taiwan, and Singapore.

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Ambiq Micro (AMBQ US)

Ambiq Micro, Inc. (AMBQ): Semi-Conductor Surges, Upsized IPO Jumps 58% at Open

Ambiq Micro's successful IPO saw 4.0 million shares priced at $24.00, upsized by 17.6% and at the upper end of the range, leading to strong...

IPO Boutique

Ambiq Micro, Inc. (AMBQ): IPO Facing Challenges, Revenue Growth Stagnant Amidst Changes to Business

Company forecasts growth slow-down after moving business from China, IPO order flow steady but sources cautious, manageable cash raise but...

IPO Boutique

Ambiq Micro, Inc. (AMBQ): Semiconductor Solutions Company Sets Terms for IPO

Ambiq Micro updated its prospectus and set terms for its IPO that is scheduled to debut on July 30th with 3.4mm shares at $22.00-$25.00.

IPO Boutique

Ambiq Micro, Inc. (AMBQ): Peeking at the IPO Prospectus of the Next Semiconductor Solutions Company

A leading semiconductor company specializing in ultra-low power solutions sees steady growth in net sales, benefiting from the high investor...

IPO Boutique

Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops

Bullish US IPO soars with +143.2% gain at opening, among top debuts of 2025 with the deal finishing north of 20-times oversubscribed.

IPO Boutique

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ambiq Micro, Inc. (AMBQ): Semi-Conductor Surges, Upsized IPO Jumps 58% at Open

​Ambiq Micro's successful IPO saw 4.0 million shares priced at $24.00, upsized by 17.6% and at the upper end of the range, leading to strong...

IPO Boutique

Ambiq Micro, Inc. (AMBQ): IPO Facing Challenges, Revenue Growth Stagnant Amidst Changes to Business

​Company forecasts growth slow-down after moving business from China, IPO order flow steady but sources cautious, manageable cash raise but...

IPO Boutique

Ambiq Micro, Inc. (AMBQ): Semiconductor Solutions Company Sets Terms for IPO

​Ambiq Micro updated its prospectus and set terms for its IPO that is scheduled to debut on July 30th with 3.4mm shares at $22.00-$25.00.

IPO Boutique

Ambiq Micro, Inc. (AMBQ): Peeking at the IPO Prospectus of the Next Semiconductor Solutions Company

​A leading semiconductor company specializing in ultra-low power solutions sees steady growth in net sales, benefiting from the high investor...

IPO Boutique

Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops

​Bullish US IPO soars with +143.2% gain at opening, among top debuts of 2025 with the deal finishing north of 20-times oversubscribed.

IPO Boutique

Ambiq Micro's successful IPO saw 4.0 million shares priced at $24.00, upsized by 17.6% and at the upper end of the range, leading to strong...

Company forecasts growth slow-down after moving business from China, IPO order flow steady but sources cautious, manageable cash raise but...

Ambiq Micro updated its prospectus and set terms for its IPO that is scheduled to debut on July 30th with 3.4mm shares at $22.00-$25.00.

A leading semiconductor company specializing in ultra-low power solutions sees steady growth in net sales, benefiting from the high investor...

Bullish US IPO soars with +143.2% gain at opening, among top debuts of 2025 with the deal finishing north of 20-times oversubscribed.