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

<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

<ul>
<li>For the year ended December 31, 2024, they wrote $437.0 million in gross written premiums, representing a compound annual growth rate of 28.4% over the last two years.</li>
<li>We anticipate this company to set terms (share size, price range) and debut in the second half of April.</li>
<li>Zimmer Financial Services Group LLC (“ZFSG”) will continue to be a majority owner of Ategrity following this offering. </li>
</ul>


For the year ended December 31, 2024, they wrote $437.0 million in gross written premiums, representing a compound annual growth rate of 28.4% over the last two years.
We anticipate this company to set terms (share size, price range) and debut in the second half of April.
Zimmer Financial Services Group LLC (“ZFSG”) will continue to be a majority owner of Ategrity following this offering. 


Ategrity Specialty Holdings (ASIC): Peeking at the Prospectus of the Next Specialty Insurer 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

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

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

Ategrity Specialty Holdings (ASIC): Peeking at the Prospectus of the Next Specialty Insurer IPO

Ategrity shows strong growth with $437.0 million in premiums. ASIC is set to debut in April with majority ownership by ZFSG.

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

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

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

Ategrity Specialty Holdings (ASIC): Peeking at the Prospectus of the Next Specialty Insurer IPO

​Ategrity shows strong growth with $437.0 million in premiums. ASIC is set to debut in April with majority ownership by ZFSG.

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

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...

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

Ategrity shows strong growth with $437.0 million in premiums. ASIC is set to debut in April with majority ownership by ZFSG.

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