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

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American Integrity Insurance Group / Equity Capital Markets

<ul>
<li>Specialty insurer American Integrity Insurance Group (AII US) came to market Thursday with solid interest from sector-dedicated investors producing a 15.6% winner at first trade.</li>
<li>According to our sources, the deal was well-oversubscribed which equates to roughly 5x-6x in terms of granular subscription levels.</li>
<li>Given the choppiness of the broad market in April and the temporary pause in the IPO market, the insurance sector was the perfect area to lead the comeback.</li>
</ul>


Specialty insurer American Integrity Insurance Group (AII US) came to market Thursday with solid interest from sector-dedicated investors producing a 15.6% winner at first trade.
According to our sources, the deal was well-oversubscribed which equates to roughly 5x-6x in terms of granular subscription levels.
Given the choppiness of the broad market in April and the temporary pause in the IPO market, the insurance sector was the perfect area to lead the comeback.


American Integrity Insurance Group (AII): Sector Dedicated Buyers Get a Winner on Opening Pop

<ul>
<li>According to our sources,  the deal is oversubscribed with a good amount of accounts still to hear from.</li>
<li>Management has strong numbers as of year-end 2024 and have gained even more momentum in Q1 2025. </li>
<li>While smaller in size, this company has a sustainable expansion plan and a profitable balance sheet with a tailwind from a growing Florida market.</li>
</ul>


According to our sources,  the deal is oversubscribed with a good amount of accounts still to hear from.
Management has strong numbers as of year-end 2024 and have gained even more momentum in Q1 2025. 
While smaller in size, this company has a sustainable expansion plan and a profitable balance sheet with a tailwind from a growing Florida market.


American Integrity Insurance Group (AII): Specialty Insurer Eyes IPO, Winner in Florida

<ul>
<li>American Integrity Insurance Group (AII US) was one of two insurance companies to set terms for an IPO on Tuesday morning for a debut next week.</li>
<li>Gross premiums written increased 43.9% to $212.2 million for the three months ended March 31, 2025, compared to $147.5 million for the three months ended March 31, 2024. </li>
<li>The underwriting lineup on this sector, led by Keefe Bruyette &amp; Woods, has a strong track record of pricing and placing transactions in this sector.</li>
</ul>


American Integrity Insurance Group (AII US) was one of two insurance companies to set terms for an IPO on Tuesday morning for a debut next week.
Gross premiums written increased 43.9% to $212.2 million for the three months ended March 31, 2025, compared to $147.5 million for the three months ended March 31, 2024. 
The underwriting lineup on this sector, led by Keefe Bruyette &amp; Woods, has a strong track record of pricing and placing transactions in this sector.


American Integrity Insurance Group (AII): Florida Based Insurance Company Sets Terms for IPO

<ul>
<li>They are the seventh largest writer of residential property insurance in Florida based on DPW for policies in-force as of December 31, 2024.</li>
<li>For the years ended December 31, 2024 they produced gross premiums written of $767.7 million and  net premiums written of $194.4 million. Their net income was $39.7 million.</li>
<li>We anticipate this company to set terms (share size, price range) and debut in the month of May.</li>
</ul>


They are the seventh largest writer of residential property insurance in Florida based on DPW for policies in-force as of December 31, 2024.
For the years ended December 31, 2024 they produced gross premiums written of $767.7 million and  net premiums written of $194.4 million. Their net income was $39.7 million.
We anticipate this company to set terms (share size, price range) and debut in the month of May.


American Integrity Insurance Group (AII): Peeking at the Prospectus of Florida Based Insurer

<ul>
<li>The company set terms with a F-1/A putting 10 million shares for sale at a range of $46-$50 which would value the company as high as $4.05b.</li>
<li>BlackRock and funds managed by BlackRock placed a 20-percent cornerstone investment order and is on the cover of the prospectus. </li>
<li>The blueprint to getting an IPO out the door during this time is to shrink the size of the transaction, bring in a cornerstone investor and provide an attractive valuation.</li>
</ul>


The company set terms with a F-1/A putting 10 million shares for sale at a range of $46-$50 which would value the company as high as $4.05b.
BlackRock and funds managed by BlackRock placed a 20-percent cornerstone investment order and is on the cover of the prospectus. 
The blueprint to getting an IPO out the door during this time is to shrink the size of the transaction, bring in a cornerstone investor and provide an attractive valuation.


EToro Group Ltd (ETOR): Retail Trading Platform Eyeing $4b Valuation; BlackRock in on the IPO

United States

American Integrity Insurance Group, Inc. operates as an insurance company. The Company offers homeowners, new home construction, binding arbitration, vacant home, condo, watercraft, rental and seasonal dwelling, manufactured home, and golf cart insurance products and services. American Integrity Insurance Group serves clients in the United States.

American Integrity Insurance Group (AII US)

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American Integrity Insurance Group (AII US)

American Integrity Insurance Group (AII): Sector Dedicated Buyers Get a Winner on Opening Pop

Specialty insurer American Integrity Insurance Group had a successful IPO debut, with strong interest from investors in the insurance sector...

IPO Boutique

American Integrity Insurance Group (AII): Specialty Insurer Eyes IPO, Winner in Florida

The company's oversubscribed deal and strong financial performance indicate sustainable growth and profitability in a growing market.

IPO Boutique

American Integrity Insurance Group (AII): Florida Based Insurance Company Sets Terms for IPO

American Integrity Insurance Group sets terms for IPO, with strong underwriting lineup and significant increase in gross premiums written.

IPO Boutique

American Integrity Insurance Group (AII): Peeking at the Prospectus of Florida Based Insurer

Florida-based insurance company ranks seventh in residential property insurance, with strong financial performance and plans for upcoming IPO in May.

IPO Boutique

EToro Group Ltd (ETOR): Retail Trading Platform Eyeing $4b Valuation; BlackRock in on the IPO

Company sets terms for IPO, offering 10 million shares at $46-$50, valued up to $4.05b. BlackRock invests 20% as cornerstone investor, key to...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

American Integrity Insurance Group (AII): Sector Dedicated Buyers Get a Winner on Opening Pop

​Specialty insurer American Integrity Insurance Group had a successful IPO debut, with strong interest from investors in the insurance sector...

IPO Boutique

American Integrity Insurance Group (AII): Specialty Insurer Eyes IPO, Winner in Florida

​The company's oversubscribed deal and strong financial performance indicate sustainable growth and profitability in a growing market.

IPO Boutique

American Integrity Insurance Group (AII): Florida Based Insurance Company Sets Terms for IPO

​American Integrity Insurance Group sets terms for IPO, with strong underwriting lineup and significant increase in gross premiums written.

IPO Boutique

American Integrity Insurance Group (AII): Peeking at the Prospectus of Florida Based Insurer

​Florida-based insurance company ranks seventh in residential property insurance, with strong financial performance and plans for upcoming IPO in May.

IPO Boutique

EToro Group Ltd (ETOR): Retail Trading Platform Eyeing $4b Valuation; BlackRock in on the IPO

​Company sets terms for IPO, offering 10 million shares at $46-$50, valued up to $4.05b. BlackRock invests 20% as cornerstone investor, key to...

IPO Boutique

Specialty insurer American Integrity Insurance Group had a successful IPO debut, with strong interest from investors in the insurance sector...

The company's oversubscribed deal and strong financial performance indicate sustainable growth and profitability in a growing market.

American Integrity Insurance Group sets terms for IPO, with strong underwriting lineup and significant increase in gross premiums written.

Florida-based insurance company ranks seventh in residential property insurance, with strong financial performance and plans for upcoming IPO in May.

Company sets terms for IPO, offering 10 million shares at $46-$50, valued up to $4.05b. BlackRock invests 20% as cornerstone investor, key to...