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>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

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>SoftBank group (SBG) relies increasingly on Arm’s premium valuation for NAV growth, with SBG shares having benefited from their high correlation to those of Arm Holdings</li>
<li>JPY-USD FX strengthened recently, with the potential for BoJ monetary tightening and Fed easing set to accentuate this trend; SBG is USD asset heavy, and JPY heavy in its liabilities</li>
<li>The Vision Funds are slowly seeing IPO exits for private companies; in essence, we see that SBG shares are challenged by (geo)political, concentration, currency and market risks</li>
</ul>


SoftBank group (SBG) relies increasingly on Arm’s premium valuation for NAV growth, with SBG shares having benefited from their high correlation to those of Arm Holdings
JPY-USD FX strengthened recently, with the potential for BoJ monetary tightening and Fed easing set to accentuate this trend; SBG is USD asset heavy, and JPY heavy in its liabilities
The Vision Funds are slowly seeing IPO exits for private companies; in essence, we see that SBG shares are challenged by (geo)political, concentration, currency and market risks


SoftBank (9984 JP): Challenged by Portfolio Concentration and JPY Strength

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>The latest financial results for Arm Holdings reflect a strong finish for their fiscal year ended March 31, 2025, marked by record-breaking revenue milestones.</li><li>Arm's performance was driven by growing demand for power efficient compute solutions, particularly in artificial intelligence (AI) from cloud to edge.</li><li>The company achieved quarterly revenue exceeding $1 billion for the first time, with fiscal year revenue surpassing $4 billion.</li></ul>

The latest financial results for Arm Holdings reflect a strong finish for their fiscal year ended March 31, 2025, marked by record-breaking revenue milestones.Arm's performance was driven by growing demand for power efficient compute solutions, particularly in artificial intelligence (AI) from cloud to edge.The company achieved quarterly revenue exceeding $1 billion for the first time, with fiscal year revenue surpassing $4 billion.

ARM Ignites Growth with Armv9 CPUs, AI Partnerships, & Data Center Infiltration; What Lies Ahead?

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Rumors That Mediatek's Upcoming Chips Could Outperform Apple's Chips Used in the iPhone 17</li>
<li>Samsung Beats TSMC to Win Key Nintendo Switch 2 Contract</li>
<li>PC Monitor: Commercial PC Demand Resilient; AI PC Momentum Builds W/ NVDA Blackwell-Powered Launches </li>
</ul>


Rumors That Mediatek's Upcoming Chips Could Outperform Apple's Chips Used in the iPhone 17
Samsung Beats TSMC to Win Key Nintendo Switch 2 Contract
PC Monitor: Commercial PC Demand Resilient; AI PC Momentum Builds W/ NVDA Blackwell-Powered Launches 


Taiwan Tech Weekly: Mediatek's New Chip Could Outperform Apple's; Samsung Beats TSMC, Wins Nintendo

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Huawei Technologies Co. Ltd. unveiled its first personal computers Monday in Chengdu, with machines powered by the company’s self-developed chips and HarmonyOS operating system in a direct challenge to the long-standing dominance of Windows-Intel (Wintel) and Apple’s macOS technology.</li><li>The MateBook Fold, priced from 23,999 yuan ($3,328), features an 18-inch foldable screen and a split keyboard, while the lighter MateBook Pro, starting at 7,999 yuan, follows a more conventional laptop design with a 14.2-inch display.</li><li>Huawei did not disclose the specific chip used in either model, but industry observers believe the devices are equipped with the company’s Kirin X90 processor built on an Arm architecture.</li></ul>

Huawei Technologies Co. Ltd. unveiled its first personal computers Monday in Chengdu, with machines powered by the company’s self-developed chips and HarmonyOS operating system in a direct challenge to the long-standing dominance of Windows-Intel (Wintel) and Apple’s macOS technology.The MateBook Fold, priced from 23,999 yuan ($3,328), features an 18-inch foldable screen and a split keyboard, while the lighter MateBook Pro, starting at 7,999 yuan, follows a more conventional laptop design with a 14.2-inch display.Huawei did not disclose the specific chip used in either model, but industry observers believe the devices are equipped with the company’s Kirin X90 processor built on an Arm architecture.

Huawei Unveils HarmonyOS PCs in Challenge to Windows–MacOS Duopoly 

United Kingdom

ARM Holdings designs and licenses semiconductor intellectual property (IP), including central processing unit (CPU) cores, graphics processing units (GPUs), and system IP. Its energy-efficient chip designs are widely used in smartphones, IoT devices, automotive systems, and computing infrastructure. The company is headquartered in Cambridge, United Kingdom, and was founded in 1990.

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ARM Holdings (ARM US)

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

SoftBank (9984 JP): Challenged by Portfolio Concentration and JPY Strength

SBG's reliance on Arm's valuation for NAV growth is challenged by geopolitical, concentration, currency, and market risks. We see that the NAV...

Victor Galliano

ARM Ignites Growth with Armv9 CPUs, AI Partnerships, & Data Center Infiltration; What Lies Ahead?

The latest financial results for Arm Holdings reflect a strong finish for their fiscal year ended March 31, 2025, marked by record-breaking...

Baptista Research

Taiwan Tech Weekly: Mediatek's New Chip Could Outperform Apple's; Samsung Beats TSMC, Wins Nintendo

Mediatek rumored to outperform Apple's chips, Samsung wins Nintendo Switch 2 contract, commercial PC demand resilient with AI momentum.

Vincent Fernando, CFA

Huawei Unveils HarmonyOS PCs in Challenge to Windows–MacOS Duopoly

Huawei Technologies Co. Ltd. unveiled its first personal computers Monday in Chengdu, with machines powered by the company’s self-developed chips...

Caixin Global

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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

SoftBank (9984 JP): Challenged by Portfolio Concentration and JPY Strength

​SBG's reliance on Arm's valuation for NAV growth is challenged by geopolitical, concentration, currency, and market risks. We see that the NAV...

Victor Galliano

ARM Ignites Growth with Armv9 CPUs, AI Partnerships, & Data Center Infiltration; What Lies Ahead?

The latest financial results for Arm Holdings reflect a strong finish for their fiscal year ended March 31, 2025, marked by record-breaking...

Baptista Research

Taiwan Tech Weekly: Mediatek's New Chip Could Outperform Apple's; Samsung Beats TSMC, Wins Nintendo

​Mediatek rumored to outperform Apple's chips, Samsung wins Nintendo Switch 2 contract, commercial PC demand resilient with AI momentum.

Vincent Fernando, CFA

Huawei Unveils HarmonyOS PCs in Challenge to Windows–MacOS Duopoly

Huawei Technologies Co. Ltd. unveiled its first personal computers Monday in Chengdu, with machines powered by the company’s self-developed chips...

Caixin Global

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

SBG's reliance on Arm's valuation for NAV growth is challenged by geopolitical, concentration, currency, and market risks. We see that the NAV...

Mediatek rumored to outperform Apple's chips, Samsung wins Nintendo Switch 2 contract, commercial PC demand resilient with AI momentum.