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

Bamboo Insurance Services / Equity Capital Markets

<ul>
<li>Bamboo is bringing strong growth and profitability to the IPO market, with Managed Premium up 58% in 2025 and Adjusted EBITDA margins reaching 45% in 1H26.</li>
<li>CVC’s recent $1.75 billion investment and Bamboo’s $3.1 billion IPO valuation create a compelling private-equity exit story, but also raise valuation questions.</li>
<li>A fully secondary offering means Bamboo receives no IPO proceeds, while its roughly $548 million debt load could temper investor enthusiasm despite strong underwriting performance.</li>
</ul>


Bamboo is bringing strong growth and profitability to the IPO market, with Managed Premium up 58% in 2025 and Adjusted EBITDA margins reaching 45% in 1H26.
CVC’s recent $1.75 billion investment and Bamboo’s $3.1 billion IPO valuation create a compelling private-equity exit story, but also raise valuation questions.
A fully secondary offering means Bamboo receives no IPO proceeds, while its roughly $548 million debt load could temper investor enthusiasm despite strong underwriting performance.


Bamboo Insurance Services (BMB): Private Equity Giant CVC Turning Bamboo Around Quickly with IPO

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,400+ insights shared on Smartkarma.</li>
<li>In this cut, we look at where value remains in a difficult year for luxury, review momentum in offshore services, and assess two sides of the insurance sector. </li>
<li>Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,400+ insights shared on Smartkarma.
In this cut, we look at where value remains in a difficult year for luxury, review momentum in offshore services, and assess two sides of the insurance sector. 
Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.


Curator's Cut: Luxury Losing Lustre, Offshore Revived & Insurance's Two Sides

Orion180 Insurance Group / Equity Capital Markets

<ul>
<li>Valuation proved decisive: Orion180 priced 20 million shares at $12, $3 below range, but still opened below the IPO price.</li>
<li>Demand was strong but price-sensitive: The deal was well oversubscribed, yet investor interest did not translate into a positive first-day trade.</li>
<li>Bamboo faces a tougher test: Orion180’s weak debut could weigh on investor appetite for next week’s Bamboo Insurance IPO.</li>
</ul>


Valuation proved decisive: Orion180 priced 20 million shares at $12, $3 below range, but still opened below the IPO price.
Demand was strong but price-sensitive: The deal was well oversubscribed, yet investor interest did not translate into a positive first-day trade.
Bamboo faces a tougher test: Orion180’s weak debut could weigh on investor appetite for next week’s Bamboo Insurance IPO.


Orion180 Insurance Group (OIG): Investors Pushback on Insurance Valuations, OIG Opens Below Issue

United States

Bamboo Insurance Services, Inc. operates as a holding company. The Company, through its subsidiaries, provides AI and technology-enabled, underwriting-first and capital-light homeowners insurance products. Bamboo Insurance Services serves customers in the United States.

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Bamboo Insurance Services (BMB US)

Bamboo Insurance Services (BMB): Private Equity Giant CVC Turning Bamboo Around Quickly with IPO

Bamboo brings strong growth and profitability to the IPO market, but its fully secondary offering, CVC backing and $548M debt load could temper...

IPO Boutique

Curator's Cut: Luxury Losing Lustre, Offshore Revived & Insurance's Two Sides

In this Curator's Cut, we survey luxury's retreat, revisit offshore services, and assess differing drivers in insurance from policy headwinds to...

Pranav Rao

Orion180 Insurance Group (OIG): Investors Pushback on Insurance Valuations, OIG Opens Below Issue

Orion180 ultimately priced at $12.00, implying approximately $240 million in gross proceeds and a valuation materially below the $1.5–$1.7 billion...

IPO Boutique

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