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>Slide Insurance Holdings (SLDE US) will be the fourth insurance company to go public in the first half of 2025.</li>
<li>The company is offering 20 million shares at $15-$17 equating to a $1.9b-$2.1b  market cap.</li>
<li>We anticipate there to be solid interest in this IPO based upon sector tailwinds. The company considers itself an "insurtech" which could create a different investor profile for this deal.</li>
</ul>


Slide Insurance Holdings (SLDE US) will be the fourth insurance company to go public in the first half of 2025.
The company is offering 20 million shares at $15-$17 equating to a $1.9b-$2.1b  market cap.
We anticipate there to be solid interest in this IPO based upon sector tailwinds. The company considers itself an "insurtech" which could create a different investor profile for this deal.


Slide Holdings Insurance, Inc.(SLDE): Another Insurance IPO Sets Terms, Seeking $2bn Valuation

<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>Aspen Insurance Holdings filed for its IPO in December 2023 and saw its filing refreshed in December 2024 and once again on March 20th, 2025.</li>
<li>This company was acquired by private-equity titan Apollo Global in a transaction announced in August 2018 and closing in February 2019. </li>
<li>For the twelve months ended December 31, 2024, they wrote $4,609 million in gross written premiums marking a 16.2% increase from the same period in 2023. </li>
</ul>


Aspen Insurance Holdings filed for its IPO in December 2023 and saw its filing refreshed in December 2024 and once again on March 20th, 2025.
This company was acquired by private-equity titan Apollo Global in a transaction announced in August 2018 and closing in February 2019. 
For the twelve months ended December 31, 2024, they wrote $4,609 million in gross written premiums marking a 16.2% increase from the same period in 2023. 


Aspen Insurance Holdings Limited (AHL): Another Insurance IPO Possibility on the Horizon

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): 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): Another Insurance IPO Sets Terms, Seeking $2bn Valuation

Slide Insurance Holdings is set to go public in 2025, offering 20 million shares at $15-$17 with a market cap of $1.9b-$2.1b.

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): Another Insurance IPO Possibility on the Horizon

Aspen Insurance Holdings, acquired by Apollo Global, saw a 16.2% increase in gross written premiums for the twelve months ending December 31,...

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): Another Insurance IPO Sets Terms, Seeking $2bn Valuation

​Slide Insurance Holdings is set to go public in 2025, offering 20 million shares at $15-$17 with a market cap of $1.9b-$2.1b.

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): Another Insurance IPO Possibility on the Horizon

​Aspen Insurance Holdings, acquired by Apollo Global, saw a 16.2% increase in gross written premiums for the twelve months ending December 31,...

IPO Boutique

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

Slide Insurance Holdings is set to go public in 2025, offering 20 million shares at $15-$17 with a market cap of $1.9b-$2.1b.

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...

Aspen Insurance Holdings, acquired by Apollo Global, saw a 16.2% increase in gross written premiums for the twelve months ending December 31,...