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

Ategrity Specialty Holdings / Equity Capital Markets

<ul>
<li>Ategrity Specialty Holdings (ASIC US) has elected to push pricing ahead by one-day due to the strength of the order book.</li>
<li>According to our sources, the deal is multiple-times oversubscribed with quality conversions from 1-on-1 meetings.</li>
<li>This IPO is being well-received. Insurance IPOs are not the type of deal that is "flashy" out of the gates but is one that is geared toward buy-and-hold investors.</li>
</ul>


Ategrity Specialty Holdings (ASIC US) has elected to push pricing ahead by one-day due to the strength of the order book.
According to our sources, the deal is multiple-times oversubscribed with quality conversions from 1-on-1 meetings.
This IPO is being well-received. Insurance IPOs are not the type of deal that is "flashy" out of the gates but is one that is geared toward buy-and-hold investors.


Ategrity Specialty Holdings LLC (ASIC): Accelerated Deal, Valuation Fits the Bill for Insurance IPO

Slide Insurance Holdings / Equity Capital Markets

<ul>
<li>They write several homeowners’, condominium owners’, and commercial residential products in coastal specialty markets in Florida and South Carolina.</li>
<li>For the three months ended March 31, 2024 and March 31, 2025, they had gross premiums written of $245 million and $278 million.</li>
<li>The strong performance of peers could provide a potential tailwind for this IPO. </li>
</ul>


They write several homeowners’, condominium owners’, and commercial residential products in coastal specialty markets in Florida and South Carolina.
For the three months ended March 31, 2024 and March 31, 2025, they had gross premiums written of $245 million and $278 million.
The strong performance of peers could provide a potential tailwind for this IPO. 


Slide Holdings Insurance, Inc.(SLDE): Peeking at the IPO Prospectus of Another Florida Based Insurer

<ul>
<li>Ategrity Specialty Holdings will be offering 6.67 million shares at a $14-$16 range equating to a $659m-$753m valuation.</li>
<li>For the three months ended March 31, 2025, they wrote $116.1 million in gross written premiums, an increase of $34.5 million, or 42.3%.</li>
<li>The underwriters have reserved for sale, at the initial public offering price, up to 7% of the shares offered.</li>
</ul>


Ategrity Specialty Holdings will be offering 6.67 million shares at a $14-$16 range equating to a $659m-$753m valuation.
For the three months ended March 31, 2025, they wrote $116.1 million in gross written premiums, an increase of $34.5 million, or 42.3%.
The underwriters have reserved for sale, at the initial public offering price, up to 7% of the shares offered.


Ategrity Specialty Holdings (ASIC):  Specialty Insurer the Next to Debut, Sets Terms for IPO

Aspen Insurance Holdings / Equity Capital Markets

<ul>
<li>The stock opened at $33.25 versus the $30.00 issue price for a gain of 10.8% at first trade.</li>
<li>According to guidance that the deal finished north of 10-times oversubscribed. The guidance pointed to a midpoint pricing and that is where the final outcome occurred.</li>
<li>The sponsor, Apollo Global, is known for being a shrewd entity and a stickler on price, however, in this instance investors saw solid value in the company.</li>
</ul>


The stock opened at $33.25 versus the $30.00 issue price for a gain of 10.8% at first trade.
According to guidance that the deal finished north of 10-times oversubscribed. The guidance pointed to a midpoint pricing and that is where the final outcome occurred.
The sponsor, Apollo Global, is known for being a shrewd entity and a stickler on price, however, in this instance investors saw solid value in the company.


Aspen Insurance Holdings Limited (AHL): Attractive Valuation Brings Buyers, Trades Well in Week One

American Integrity Insurance Group / Equity Capital Markets

American Integrity Insurance Group (AII US)

<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

United States

Aspen Insurance Holdings Ltd. is a holding company that provides property/casualty insurance and reinsurance.  The Company offers property and liability insurance in the United Kingdom and United States, and marine, energy, and aviation insurance and reinsurance worldwide.

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Aspen Insurance Holdings (AHL US)

Ategrity Specialty Holdings LLC (ASIC): Accelerated Deal, Valuation Fits the Bill for Insurance IPO

Ategrity Specialty Holdings (ASIC US) moves pricing ahead due to strong demand, with oversubscribed order book and focus on long-term investors...

IPO Boutique

Slide Holdings Insurance, Inc.(SLDE): Peeking at the IPO Prospectus of Another Florida Based Insurer

Insurance company specializing in coastal markets in Florida and South Carolina sees growth in gross premiums written, potentially benefiting from...

IPO Boutique

Ategrity Specialty Holdings (ASIC): Specialty Insurer the Next to Debut, Sets Terms for IPO

Ategrity Specialty Holdings plans to offer 6.67 million shares at $14-$16 each, with strong growth in gross written premiums. Underwriters have...

IPO Boutique

Aspen Insurance Holdings Limited (AHL): Attractive Valuation Brings Buyers, Trades Well in Week One

Stock of company sponsored by Apollo Global opens at $33.25, 10.8% above issue price of $30, indicating strong investor interest despite sponsor's...

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ategrity Specialty Holdings LLC (ASIC): Accelerated Deal, Valuation Fits the Bill for Insurance IPO

​Ategrity Specialty Holdings (ASIC US) moves pricing ahead due to strong demand, with oversubscribed order book and focus on long-term investors...

IPO Boutique

Slide Holdings Insurance, Inc.(SLDE): Peeking at the IPO Prospectus of Another Florida Based Insurer

​Insurance company specializing in coastal markets in Florida and South Carolina sees growth in gross premiums written, potentially benefiting from...

IPO Boutique

Ategrity Specialty Holdings (ASIC): Specialty Insurer the Next to Debut, Sets Terms for IPO

​Ategrity Specialty Holdings plans to offer 6.67 million shares at $14-$16 each, with strong growth in gross written premiums. Underwriters have...

IPO Boutique

Aspen Insurance Holdings Limited (AHL): Attractive Valuation Brings Buyers, Trades Well in Week One

​Stock of company sponsored by Apollo Global opens at $33.25, 10.8% above issue price of $30, indicating strong investor interest despite sponsor's...

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

Ategrity Specialty Holdings (ASIC US) moves pricing ahead due to strong demand, with oversubscribed order book and focus on long-term investors...

Insurance company specializing in coastal markets in Florida and South Carolina sees growth in gross premiums written, potentially benefiting from...

Ategrity Specialty Holdings plans to offer 6.67 million shares at $14-$16 each, with strong growth in gross written premiums. Underwriters have...

Stock of company sponsored by Apollo Global opens at $33.25, 10.8% above issue price of $30, indicating strong investor interest despite sponsor's...

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