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 LLC (ASIC) priced a full-size deal of 6.67mm shares at $17.00 ($1 above the range) and opened at $23.65 for a gain of 39.1% at first trade.</li>
<li>The underwriters felt good about this IPO enough that they elected to accelerate the timing of this deal by a single day.</li>
<li>This insurance company was a pure-play E&amp;S with higher regards given to this niche area by sector-dedicated investors.</li>
</ul>


Ategrity Specialty Holdings LLC (ASIC) priced a full-size deal of 6.67mm shares at $17.00 ($1 above the range) and opened at $23.65 for a gain of 39.1% at first trade.
The underwriters felt good about this IPO enough that they elected to accelerate the timing of this deal by a single day.
This insurance company was a pure-play E&amp;S with higher regards given to this niche area by sector-dedicated investors.


Ategrity Specialty Holdings LLC (ASIC): Insurance Sector Stays Hot, Pops 6 Points at Open

<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

Neptune Insurance Holdings / Equity Capital Markets

<ul>
<li>Neptune Insurance is seeing strong demand in its pre-IPO roadshow, with channel checks revealing that the deal is multiple-times oversubscribed—north of 10x.</li>
<li>Financially, Neptune has delivered impressive profitability. In 2024 it generated $119.3 million in revenue, $34.6 million in net income, and $72.1 million in adjusted EBITDA.</li>
<li>The company is efficient and profitable and they believe they have a SaaS-like scalability which, in our opinion, investors will be able to properly forecast out.</li>
</ul>


Neptune Insurance is seeing strong demand in its pre-IPO roadshow, with channel checks revealing that the deal is multiple-times oversubscribed—north of 10x.
Financially, Neptune has delivered impressive profitability. In 2024 it generated $119.3 million in revenue, $34.6 million in net income, and $72.1 million in adjusted EBITDA.
The company is efficient and profitable and they believe they have a SaaS-like scalability which, in our opinion, investors will be able to properly forecast out.


Neptune Insurance Holdings Inc. (NP): Investors See Upside in Private Option to Flood Insurance

<ul>
<li>Neptune Holdings will offer 18.4 million shares at $18-$20 and is scheduled to debut on October 1st.  </li>
<li>It should be noted that the entirety of this offering is secondary and Neptune will not receive any proceeds from the sale of Class A common stock.</li>
<li>The cornerstone investors, T. Rowe Price Investment Management and AllianceBernstein L.P. have indicated for up to $75 million in this offering. </li>
</ul>


Neptune Holdings will offer 18.4 million shares at $18-$20 and is scheduled to debut on October 1st.  
It should be noted that the entirety of this offering is secondary and Neptune will not receive any proceeds from the sale of Class A common stock.
The cornerstone investors, T. Rowe Price Investment Management and AllianceBernstein L.P. have indicated for up to $75 million in this offering. 


Neptune Insurance Holdings Inc. (NP): Specialty Risk Insurer Sets Terms, Seeking $2.8b Valuation

<ul>
<li>They offer a range of residential and commercial insurance products — including primary flood insurance, excess flood insurance, and parametric earthquake insurance — distributed through a nationwide network of agencies.</li>
<li>They had revenue of $84.9 million and $119.3 million and net income of $17.9 million and $34.6 million in 2023 and 2024, respectively.</li>
<li>Neptune Insurance Holdings is set to become the sixth insurance-related IPO of 2025.</li>
</ul>


They offer a range of residential and commercial insurance products — including primary flood insurance, excess flood insurance, and parametric earthquake insurance — distributed through a nationwide network of agencies.
They had revenue of $84.9 million and $119.3 million and net income of $17.9 million and $34.6 million in 2023 and 2024, respectively.
Neptune Insurance Holdings is set to become the sixth insurance-related IPO of 2025.


Neptune Insurance Holdings Inc. (NP): Peeking at the IPO Prospectus of Specialty Risk Insurer

United States

Ategrity Specialty Holdings LLC operates as a holding company. The Company, through its subsidiaries, provides general and management liability, commercial property, allied healthcare, and other specialty insurance products for small to medium-sized businesses. Ategrity Specialty Holdings serves clients across the United States.

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Ategrity Specialty Holdings (ASIC US)

Ategrity Specialty Holdings LLC (ASIC): Insurance Sector Stays Hot, Pops 6 Points at Open

Ategrity Specialty Holdings LLC IPO priced above range, opened strong with 39.1% gain, showing confidence in niche E&S insurance market.

IPO Boutique

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

Neptune Insurance Holdings Inc. (NP): Investors See Upside in Private Option to Flood Insurance

Neptune Insurance's pre-IPO roadshow is oversubscribed by over 10x, boasting impressive financials and potential for SaaS-like scalability.

IPO Boutique

Neptune Insurance Holdings Inc. (NP): Specialty Risk Insurer Sets Terms, Seeking $2.8b Valuation

Neptune Holdings to offer 18.4 million shares at $18-$20 in secondary offering on October 1st, with cornerstone investors committing up to $75...

IPO Boutique

Neptune Insurance Holdings Inc. (NP): Peeking at the IPO Prospectus of Specialty Risk Insurer

Neptune Insurance Holdings to offer various insurance products through nationwide network, with successful revenue growth leading to upcoming IPO.

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ategrity Specialty Holdings LLC (ASIC): Insurance Sector Stays Hot, Pops 6 Points at Open

​Ategrity Specialty Holdings LLC IPO priced above range, opened strong with 39.1% gain, showing confidence in niche E&S insurance market.

IPO Boutique

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

Neptune Insurance Holdings Inc. (NP): Investors See Upside in Private Option to Flood Insurance

​Neptune Insurance's pre-IPO roadshow is oversubscribed by over 10x, boasting impressive financials and potential for SaaS-like scalability.

IPO Boutique

Neptune Insurance Holdings Inc. (NP): Specialty Risk Insurer Sets Terms, Seeking $2.8b Valuation

​Neptune Holdings to offer 18.4 million shares at $18-$20 in secondary offering on October 1st, with cornerstone investors committing up to $75...

IPO Boutique

Neptune Insurance Holdings Inc. (NP): Peeking at the IPO Prospectus of Specialty Risk Insurer

​Neptune Insurance Holdings to offer various insurance products through nationwide network, with successful revenue growth leading to upcoming IPO.

IPO Boutique

Ategrity Specialty Holdings LLC IPO priced above range, opened strong with 39.1% gain, showing confidence in niche E&S insurance market.

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

Neptune Insurance's pre-IPO roadshow is oversubscribed by over 10x, boasting impressive financials and potential for SaaS-like scalability.

Neptune Holdings to offer 18.4 million shares at $18-$20 in secondary offering on October 1st, with cornerstone investors committing up to $75...

Neptune Insurance Holdings to offer various insurance products through nationwide network, with successful revenue growth leading to upcoming IPO.