Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Beta Technologies is a vertically integrated electric aviation company developing electric CTOL aircraft, VTOL powered-lift aircraft, propulsion systems, batteries, motors, flight controls, and charging infrastructure.</li><li>Its model extends beyond aircraft manufacturing to include higher-margin recurring revenue from aftermarket components and charging services.</li><li>The company is pursuing a stepwise FAA certification path while building a broader electric aviation ecosystem through its growing charging network.</li></ul>

Beta Technologies is a vertically integrated electric aviation company developing electric CTOL aircraft, VTOL powered-lift aircraft, propulsion systems, batteries, motors, flight controls, and charging infrastructure.Its model extends beyond aircraft manufacturing to include higher-margin recurring revenue from aftermarket components and charging services.The company is pursuing a stepwise FAA certification path while building a broader electric aviation ecosystem through its growing charging network.

BETA Technologies: From CTOL Cargo Aircraft to VTOL Urban Mobility — The Two-Step Strategy Reshaping Electric Flight!

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

Alliance Laundry Holdings / Index Rebalance

<ul>
<li>All eligible US IPOs that went public from 1 August to 31 October will get added to a major US index in December 2025.</li>
<li>The largest forecasted IPO additions in terms of market cap are <a href="https://www.smartkarma.com/entities/bullish-us-llc" target="_blank" data-smartkarma-citation="entities:45521:1" rel="noopener">Bullish US (BLSH US)</a>, <a href="https://www.smartkarma.com/entities/ft-intermediate-inc" target="_blank" data-smartkarma-citation="entities:45672:1" rel="noopener">FT Intermediate (FIGR US)</a> and <a href="https://www.smartkarma.com/entities/fermi-llc" target="_blank" data-smartkarma-citation="entities:45788:1" rel="noopener">Fermi (FRMI US)</a>.</li>
<li>The largest forecasted IPO additions in terms of passive fund impact include <a href="https://www.smartkarma.com/entities/legence-corp" target="_blank" data-smartkarma-citation="entities:45669:1" rel="noopener">Legence (LGN US)</a>, <a href="https://www.smartkarma.com/entities/via-transportation-inc" target="_blank" data-smartkarma-citation="entities:45670:1" rel="noopener">Via Transportation (VIA US)</a> and <a href="https://www.smartkarma.com/entities/avidia-bancorp-inc" target="_blank" data-smartkarma-citation="entities:46007:1" rel="noopener">Avidia Bancorp (AVBC US)</a>.</li>
</ul>


All eligible US IPOs that went public from 1 August to 31 October will get added to a major US index in December 2025.
The largest forecasted IPO additions in terms of market cap are Bullish US (BLSH US), FT Intermediate (FIGR US) and Fermi (FRMI US).
The largest forecasted IPO additions in terms of passive fund impact include Legence (LGN US), Via Transportation (VIA US) and Avidia Bancorp (AVBC US).


US: 19 IPOs Forecasted for Index Addition in December 2025

<ul>
<li>Electric aircraft company <a href="https://www.smartkarma.com/entities/beta-technologies-inc" target="_blank" data-smartkarma-citation="entities:45894:1" rel="noopener">BETA Technologies (BETA US)</a> went public on 4 November 2025 on NYSE and has a current market cap of over $7.5bn.</li>
<li>Inclusion in US indices is expected in December 2025 and March 2026, as the security meets US eligibility criteria before the lock-up expiry.</li>
<li>Earliest inclusion in Global indices is expected in February and June 2026, with potential delay due to free float and float cap constraints during the lock-up period.</li>
</ul>


Electric aircraft company BETA Technologies (BETA US) went public on 4 November 2025 on NYSE and has a current market cap of over $7.5bn.
Inclusion in US indices is expected in December 2025 and March 2026, as the security meets US eligibility criteria before the lock-up expiry.
Earliest inclusion in Global indices is expected in February and June 2026, with potential delay due to free float and float cap constraints during the lock-up period.


BETA Technologies (BETA US): Electric Takeoff to US & Global Indices

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

BETA Technologies / Equity Capital Markets

<ul>
<li>Beta Technologies (BETA US) priced 29.9 million shares at $34.00 — $1 above the range.The stock opened flat, briefly fell 9% to $30.85, then recovered to close at $36.00.</li>
<li>The deal was heavily concentrated among top-tier long-only investors, with the top 25 accounts taking roughly 90% of the offering.</li>
<li>The company’s mission to electrify regional air transport has drawn comparisons to early Tesla — bold, capital-intensive, and visionary — but also highly execution-dependent.</li>
</ul>


Beta Technologies (BETA US) priced 29.9 million shares at $34.00 — $1 above the range.The stock opened flat, briefly fell 9% to $30.85, then recovered to close at $36.00.
The deal was heavily concentrated among top-tier long-only investors, with the top 25 accounts taking roughly 90% of the offering.
The company’s mission to electrify regional air transport has drawn comparisons to early Tesla — bold, capital-intensive, and visionary — but also highly execution-dependent.


Beta Technologies, Inc. (BETA): Rocky Take-Off but Stabilizes Amidst Turbulent Market

<ul>
<li>Each aircraft is projected to produce roughly $13 million in lifetime revenue at a 50% margin, driven largely by recurring battery replacement and service contracts.</li>
<li>There are $300 million in anchor orders and a 5% directed share program. The deal is reportedly more than 10-times oversubscribed, according to our sources.</li>
<li>The potential for Beta Technologies as a company is immense in a market with few operators. The critical story surrounding the recurring battery-driven economics makes this IPO highly-intriguing.</li>
</ul>


Each aircraft is projected to produce roughly $13 million in lifetime revenue at a 50% margin, driven largely by recurring battery replacement and service contracts.
There are $300 million in anchor orders and a 5% directed share program. The deal is reportedly more than 10-times oversubscribed, according to our sources.
The potential for Beta Technologies as a company is immense in a market with few operators. The critical story surrounding the recurring battery-driven economics makes this IPO highly-intriguing.


BETA Technologies (BETA): Electric Aircraft Maker Revenue Tail Intrigues IPO Investors

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BETA Technologies (BETA US)

BETA Technologies: From CTOL Cargo Aircraft to VTOL Urban Mobility — The Two-Step Strategy Reshaping Electric Flight!

Beta Technologies is a vertically integrated electric aviation company developing electric CTOL aircraft, VTOL powered-lift aircraft, propulsion...

Baptista Research

US: 19 IPOs Forecasted for Index Addition in December 2025

Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

Dimitris Ioannidis