US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

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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.

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IPOs and Secondary Offerings

Equity Capital Markets

Kestra Medical Technologies / Equity Capital Markets

<ul>
<li>Wearable defibrillator maker, Kestra Medical Technologies (KMTS US) is set to debut on Thursday (3/6) seeking a cash raise of up to $160 million and a valuation between $667m-$762.</li>
<li>The deal is considered well-oversubscribed from continued 1-on-1 conversions and high-quality engagements.</li>
<li>Given the financials and sector in which this company operates in and the strong backing (Bain Capital), we continue to believe this IPO will be well-received despite any market volatility.</li>
</ul>


Wearable defibrillator maker, Kestra Medical Technologies (KMTS US) is set to debut on Thursday (3/6) seeking a cash raise of up to $160 million and a valuation between $667m-$762.
The deal is considered well-oversubscribed from continued 1-on-1 conversions and high-quality engagements.
Given the financials and sector in which this company operates in and the strong backing (Bain Capital), we continue to believe this IPO will be well-received despite any market volatility.


Kestra Medical Technologies (KMTS): Medical Device IPO Story Easy to Digest Amidst Market Volatility

<ul>
<li>Kestra was founded in 2014 by Bain Capital private equity and leaders from the external (AED) and internal (ICD) defibrillation industries. </li>
<li>The company is seeking a valuation between $667m-$762m based on the $14-$16 range.</li>
<li>Given the financials, sector in which this company operates in and the strong backing, it is our early opinion that the IPO will likely be well-received.</li>
</ul>


Kestra was founded in 2014 by Bain Capital private equity and leaders from the external (AED) and internal (ICD) defibrillation industries. 
The company is seeking a valuation between $667m-$762m based on the $14-$16 range.
Given the financials, sector in which this company operates in and the strong backing, it is our early opinion that the IPO will likely be well-received.


Kestra Medical Technologies, Ltd (KMTS): Defibrillator Maker to Break IPO Thaw

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Beta Bionics Inc. has successfully completed its upsized US IPO in January and sold 13.8M shares at $17.00 per share, above the marketed price range.</li>
<li>Maker of the first FDA-cleared insulin delivery device reported better than expected 3Q’25 results, including revenue of $27.3M and an adjusted EBITDA loss of ~$12M.</li>
<li>While there is long term potential from interesting pipeline, I believe that the valuation is full, and I would wait a share pull-back before becoming more positive on the stock.</li>
</ul>


Beta Bionics Inc. has successfully completed its upsized US IPO in January and sold 13.8M shares at $17.00 per share, above the marketed price range.
Maker of the first FDA-cleared insulin delivery device reported better than expected 3Q’25 results, including revenue of $27.3M and an adjusted EBITDA loss of ~$12M.
While there is long term potential from interesting pipeline, I believe that the valuation is full, and I would wait a share pull-back before becoming more positive on the stock.


Beta Bionics Inc. (BBNX.US): Solid 3Q’25 Results But Valuation Full at Current Levels

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>MiniMed, spun-off diabetes business of Medtronic, has filed for an IPO. The company intends to use part of the proceeds from this offering to repay intercompany debt owed to Medtronic.</li>
<li>Despite double-digit revenue growth, MiniMed is currently reporting loss. The company aims to drive profitability by generating more revenue per customer than its competitors using its comprehensive offerings.</li>
<li>Commercially and operationally, MiniMed’s scaled global infrastructure creates a significant barrier to entry. Moreover, robust global user base of 640K entails recurring revenue generation opportunity through selling compatible consumable products.</li>
</ul>


MiniMed, spun-off diabetes business of Medtronic, has filed for an IPO. The company intends to use part of the proceeds from this offering to repay intercompany debt owed to Medtronic.
Despite double-digit revenue growth, MiniMed is currently reporting loss. The company aims to drive profitability by generating more revenue per customer than its competitors using its comprehensive offerings.
Commercially and operationally, MiniMed’s scaled global infrastructure creates a significant barrier to entry. Moreover, robust global user base of 640K entails recurring revenue generation opportunity through selling compatible consumable products.


MiniMed Group Pre-IPO: Broad Portfolio and Global Scale to Drive Profitability

<ul>
<li>The company priced an upsized 12.0 million share offering at $17.00—above the initial range—and opened 29.4% higher at $22.00.</li>
<li>In March, amid broader sector weakness across the medical device space, the stock broke below its IPO price.</li>
<li>The company did report better than expected sales in its most recent quarterly report last week with guidance raised giving long term investors more confidence in its execution moving forward.</li>
</ul>


The company priced an upsized 12.0 million share offering at $17.00—above the initial range—and opened 29.4% higher at $22.00.
In March, amid broader sector weakness across the medical device space, the stock broke below its IPO price.
The company did report better than expected sales in its most recent quarterly report last week with guidance raised giving long term investors more confidence in its execution moving forward.


Beta Bionic Inc (BBNX) Six Month Summary: From Breakout to Breakdown

United States

Beta Bionics, Inc. is a commercial-stage medical device company. The Company offers an automated insulin delivery system with closed-loop algorithms for the treatment of people with diabetes. Beta Bionics operates in the United States.

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Beta Bionics (BBNX US)

Kestra Medical Technologies (KMTS): Medical Device IPO Story Easy to Digest Amidst Market Volatility

Wearable defibrillator maker Kestra Medical Technologies set to debut with IPO seeking up to $160 million, backed by Bain Capital and expected to...

IPO Boutique

Kestra Medical Technologies, Ltd (KMTS): Defibrillator Maker to Break IPO Thaw

Kestra, founded in 2014 by Bain Capital and industry leaders, seeks a valuation of $667m-$762m in its upcoming IPO, expected to be well-received.

IPO Boutique

Beta Bionics Inc. (BBNX.US): Solid 3Q’25 Results But Valuation Full at Current Levels

Beta Bionics stock outperformed its peers in the U.S. in 2025. In my insight, I revised my estimates and set a new 12-month TP for Beta Bionics...

Andrei Zakharov

MiniMed Group Pre-IPO: Broad Portfolio and Global Scale to Drive Profitability

MiniMed has launched IPO consisting of 28M shares at a price range of $25–28 per share, thereby planning to raise $784M. Potential valuation of the...

Tina Banerjee

Beta Bionic Inc (BBNX) Six Month Summary: From Breakout to Breakdown

Company prices upsized share offering above initial range, opens 29.4% higher. Stock broke below IPO price in March but recent quarterly may begin...

IPO Boutique

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Kestra Medical Technologies (KMTS): Medical Device IPO Story Easy to Digest Amidst Market Volatility

​Wearable defibrillator maker Kestra Medical Technologies set to debut with IPO seeking up to $160 million, backed by Bain Capital and expected to...

IPO Boutique

Kestra Medical Technologies, Ltd (KMTS): Defibrillator Maker to Break IPO Thaw

​Kestra, founded in 2014 by Bain Capital and industry leaders, seeks a valuation of $667m-$762m in its upcoming IPO, expected to be well-received.

IPO Boutique

Beta Bionics Inc. (BBNX.US): Solid 3Q’25 Results But Valuation Full at Current Levels

Beta Bionics stock outperformed its peers in the U.S. in 2025. In my insight, I revised my estimates and set a new 12-month TP for Beta Bionics...

Andrei Zakharov

MiniMed Group Pre-IPO: Broad Portfolio and Global Scale to Drive Profitability

MiniMed has launched IPO consisting of 28M shares at a price range of $25–28 per share, thereby planning to raise $784M. Potential valuation of the...

Tina Banerjee

Beta Bionic Inc (BBNX) Six Month Summary: From Breakout to Breakdown

​Company prices upsized share offering above initial range, opens 29.4% higher. Stock broke below IPO price in March but recent quarterly may begin...

IPO Boutique

Wearable defibrillator maker Kestra Medical Technologies set to debut with IPO seeking up to $160 million, backed by Bain Capital and expected to...

Kestra, founded in 2014 by Bain Capital and industry leaders, seeks a valuation of $667m-$762m in its upcoming IPO, expected to be well-received.

Company prices upsized share offering above initial range, opens 29.4% higher. Stock broke below IPO price in March but recent quarterly may begin...