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

Accelerant Holdings / Equity Capital Markets

<ul>
<li>According to our sources, the deal is double-digits oversubscribed with "meaningful mutual fund conversions".</li>
<li>Exchange written premiums were $3.1b in 2024 and the company is projecting premiums of $2.0b-$2.1b in the 1H 2025 alone.</li>
<li>From a valuation standpoint, the company is targeting a near 20x multiple of EV-to-Ebitda and mid-teens multiple based on 2026 Ebitda which is considered aggressive.</li>
</ul>


According to our sources, the deal is double-digits oversubscribed with "meaningful mutual fund conversions".
Exchange written premiums were $3.1b in 2024 and the company is projecting premiums of $2.0b-$2.1b in the 1H 2025 alone.
From a valuation standpoint, the company is targeting a near 20x multiple of EV-to-Ebitda and mid-teens multiple based on 2026 Ebitda which is considered aggressive.


Accelerant Holdings (ARX): Growth & Adoption Highlights Bull Case for Insurance Marketplace IPO

<ul>
<li>Accelerant Holdings is offering 28.947mm shares at $18.00-$20.00 equating to a market cap of $4.0b-$4.4b and is scheduled to debut on July 24th.</li>
<li>As of June 30, 2025 they have 248 Members as compared to 186 Members as of June 30, 2024 (and 232 Members as of March 31, 2025).</li>
<li>Given the positive tailwind from recent insurance-related IPOs as well as the strong metrics released in the company's "flash numbers", we believe this company could potentially be "well-received". </li>
</ul>


Accelerant Holdings is offering 28.947mm shares at $18.00-$20.00 equating to a market cap of $4.0b-$4.4b and is scheduled to debut on July 24th.
As of June 30, 2025 they have 248 Members as compared to 186 Members as of June 30, 2024 (and 232 Members as of March 31, 2025).
Given the positive tailwind from recent insurance-related IPOs as well as the strong metrics released in the company's "flash numbers", we believe this company could potentially be "well-received". 


Accelerant Holdings (ARX): Specialty Insurance Marketplace with Strong Tailwinds, Sets Terms for IPO

Slide Insurance Holdings / Equity Capital Markets

<ul>
<li>Slide Holdings Insurance, Inc. (SLDE) priced 24.0mm shares (upsized from 20.0mm) at $17.00  and opened at $21.00 for a gain of 23.5% at first trade.</li>
<li>The deal finished north of 12-times oversubscribed. The deal saw the top ten accounts receive 65% of the deal and the top 20 accounts took home 80% of the transaction. </li>
<li>With a strong, clean and well-capitalized balance sheet and tailwinds from the sector, it was no "surprise" to see a four-point premium at open.</li>
</ul>


Slide Holdings Insurance, Inc. (SLDE) priced 24.0mm shares (upsized from 20.0mm) at $17.00  and opened at $21.00 for a gain of 23.5% at first trade.
The deal finished north of 12-times oversubscribed. The deal saw the top ten accounts receive 65% of the deal and the top 20 accounts took home 80% of the transaction. 
With a strong, clean and well-capitalized balance sheet and tailwinds from the sector, it was no "surprise" to see a four-point premium at open.


Slide Holdings Insurance, Inc.(SLDE): Another Insurance IPO Winner, Opens Four Points Higher

<ul>
<li>According to our sources, the deal is well-oversubscribed with good diversification from long-only accounts.</li>
<li>Looking at the financial metrics of this company, they wrote premiums of $1.33b in 2024 which was a 52.5% increase from 2023. </li>
<li>The success of the insurance sector as a whole including the strong performance of Ategrity Specialty Holdings (ASIC US)  last week will only further enhance the optics of this IPO.</li>
</ul>


According to our sources, the deal is well-oversubscribed with good diversification from long-only accounts.
Looking at the financial metrics of this company, they wrote premiums of $1.33b in 2024 which was a 52.5% increase from 2023. 
The success of the insurance sector as a whole including the strong performance of Ategrity Specialty Holdings (ASIC US)  last week will only further enhance the optics of this IPO.


Slide Holdings Insurance, Inc.(SLDE): Florida Based Insurer Looking to Ride the Tailwinds of Sector

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

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)

Accelerant Holdings (ARX): Growth & Adoption Highlights Bull Case for Insurance Marketplace IPO

The company's oversubscribed deal and strong premium projections are driving aggressive valuation targets. Accelerant is scheduled to debut on...

IPO Boutique

Accelerant Holdings (ARX): Specialty Insurance Marketplace with Strong Tailwinds, Sets Terms for IPO

Accelerant Holdings is set to debut on July 24th with a market cap of $4.0b-$4.4b, showing growth in membership and positive indicators for a...

IPO Boutique

Slide Holdings Insurance, Inc.(SLDE): Another Insurance IPO Winner, Opens Four Points Higher

Slide Holdings Insurance, Inc. (SLDE) IPO priced at $17.00, opened at $21.00 with a 23.5% gain, oversubscribed deal with top accounts receiving...

IPO Boutique

Slide Holdings Insurance, Inc.(SLDE): Florida Based Insurer Looking to Ride the Tailwinds of Sector

The IPO deal is oversubscribed with diversification, company wrote premiums of $1.33b in 2024, success of insurance sector boosts optics.

IPO Boutique

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

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52-week Range

Market Cap (USDm)

P/E

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Accelerant Holdings (ARX): Growth & Adoption Highlights Bull Case for Insurance Marketplace IPO

​The company's oversubscribed deal and strong premium projections are driving aggressive valuation targets. Accelerant is scheduled to debut on...

IPO Boutique

Accelerant Holdings (ARX): Specialty Insurance Marketplace with Strong Tailwinds, Sets Terms for IPO

​Accelerant Holdings is set to debut on July 24th with a market cap of $4.0b-$4.4b, showing growth in membership and positive indicators for a...

IPO Boutique

Slide Holdings Insurance, Inc.(SLDE): Another Insurance IPO Winner, Opens Four Points Higher

​Slide Holdings Insurance, Inc. (SLDE) IPO priced at $17.00, opened at $21.00 with a 23.5% gain, oversubscribed deal with top accounts receiving...

IPO Boutique

Slide Holdings Insurance, Inc.(SLDE): Florida Based Insurer Looking to Ride the Tailwinds of Sector

​The IPO deal is oversubscribed with diversification, company wrote premiums of $1.33b in 2024, success of insurance sector boosts optics.

IPO Boutique

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

The company's oversubscribed deal and strong premium projections are driving aggressive valuation targets. Accelerant is scheduled to debut on...

Accelerant Holdings is set to debut on July 24th with a market cap of $4.0b-$4.4b, showing growth in membership and positive indicators for a...

Slide Holdings Insurance, Inc. (SLDE) IPO priced at $17.00, opened at $21.00 with a 23.5% gain, oversubscribed deal with top accounts receiving...

The IPO deal is oversubscribed with diversification, company wrote premiums of $1.33b in 2024, success of insurance sector boosts optics.

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