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

<ul>
<li>BitGo exits a four-month IPO pause, offering 11.8M shares at $15–$17, targeting a $1.7B–$2.0B valuation ahead of a January 22 debut</li>
<li>Scaled digital asset infrastructure provider with custody, liquidity, and infrastructure services, supporting $100B+ assets on platform and 4,900+ institutional clients globally.</li>
<li>Strong growth and improving profitability, with meaningful AoP expansion, positive net income, and proceeds earmarked for growth, flexibility, and strategic investments.</li>
</ul>


BitGo exits a four-month IPO pause, offering 11.8M shares at $15–$17, targeting a $1.7B–$2.0B valuation ahead of a January 22 debut
Scaled digital asset infrastructure provider with custody, liquidity, and infrastructure services, supporting $100B+ assets on platform and 4,900+ institutional clients globally.
Strong growth and improving profitability, with meaningful AoP expansion, positive net income, and proceeds earmarked for growth, flexibility, and strategic investments.


BitGo Holdings, Inc.(BTGO): Digital Asset Company Sets Terms for IPO, Seeking $2.0b Valuation

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Chinese technology IPOs continue to outperform US tech sector IPOs in 2026.  China has instituted supportive policies to help its tech companies list on both the A- and H-share markets.</li>
<li>The CSI Information and Technology index has outperformed Nasdaq this year, even though China's largest chip makers have only a small fraction of the market capitalization of their global peers.</li>
<li>China's self-reliance policies, AI breakthroughs, USD weakness, and Hong Kong's international role continue to support the strong performance of China's tech IPOs this year.</li>
</ul>


Chinese technology IPOs continue to outperform US tech sector IPOs in 2026.  China has instituted supportive policies to help its tech companies list on both the A- and H-share markets.
The CSI Information and Technology index has outperformed Nasdaq this year, even though China's largest chip makers have only a small fraction of the market capitalization of their global peers.
China's self-reliance policies, AI breakthroughs, USD weakness, and Hong Kong's international role continue to support the strong performance of China's tech IPOs this year.


CHINA Vs U.S. TECH IPOs: WHY CHINA IS OUTPERFORMING (June 2026)

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

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

<ul>
<li>All eligible US IPOs that went public from 1 November 2025 to 31 January 2026 will be added to a major US index in March 2026.</li>
<li>
<a href="https://www.smartkarma.com/entities/medline-inc" target="_blank" data-smartkarma-citation="entities:45954:1" rel="noopener">Medline (MDLN US)</a> is expected to be the largest IPO addition in terms of market cap at a valuation of $60bn following its listing on 17 December 2025.</li>
<li>
<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> is projected to be included in the lower size segment following a 50% price tumble since its IPO on 4 November.</li>
</ul>


All eligible US IPOs that went public from 1 November 2025 to 31 January 2026 will be added to a major US index in March 2026.

Medline (MDLN US) is expected to be the largest IPO addition in terms of market cap at a valuation of $60bn following its listing on 17 December 2025.

BETA Technologies (BETA US) is projected to be included in the lower size segment following a 50% price tumble since its IPO on 4 November.


US Index IPO Forecast - Mar26: 8 Additions Including Medline & BETA Technologies

EquipmentShare.com / Equity Capital Markets

<ul>
<li>EquipmentShare priced at $24.50 and surged 33% on day one, closing at $32.56 after opening up 16.3%.</li>
<li>Investors embraced T3 technology, the OWN Program, and national scale, supporting confidence in long-term earnings power.</li>
<li>Outperformance versus BitGo highlights investor sector preference. Momentum could potentially continue given the strong trading. </li>
</ul>


EquipmentShare priced at $24.50 and surged 33% on day one, closing at $32.56 after opening up 16.3%.
Investors embraced T3 technology, the OWN Program, and national scale, supporting confidence in long-term earnings power.
Outperformance versus BitGo highlights investor sector preference. Momentum could potentially continue given the strong trading. 


EquipmentShare.com (EQPT): Construction Rental Platform IPO Surges, Trades Strong on Day One

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

Circle Internet Group / Private Capital Markets

<ul><li>Sacra estimates that Circle generated $1.68 billion in revenue in 2024, up 16% from $1.45 billion in 2023.</li><li>Circle completed its NYSE IPO on June 4, 2025, pricing at $31 per share (above the marketed $27-28 range), raising approximately $1.05B.</li><li>Circle announced a strategic collaboration with Fiserv in June 2025 to develop stablecoin-enabled solutions for financial institutions and merchants in the Fiserv ecosystem.</li></ul>

Sacra estimates that Circle generated $1.68 billion in revenue in 2024, up 16% from $1.45 billion in 2023.Circle completed its NYSE IPO on June 4, 2025, pricing at $31 per share (above the marketed $27-28 range), raising approximately $1.05B.Circle announced a strategic collaboration with Fiserv in June 2025 to develop stablecoin-enabled solutions for financial institutions and merchants in the Fiserv ecosystem.

United States

BitGo, Inc. operates as a digital asset infrastructure company. The Company provides solutions for the digital asset economy, offering regulated custody, borrowing and lending, and core infrastructure to investors and builders. BitGo serves clients globally.

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BitGo (BTGO US)

BitGo Holdings, Inc.(BTGO): Digital Asset Company Sets Terms for IPO, Seeking $2.0b Valuation

BitGo resumes IPO plans, aiming for $1.7B–$2.0B valuation, offering 11.8M shares at $15–$17 to support growth and strategic investments.

IPO Boutique

CHINA Vs U.S. TECH IPOs: WHY CHINA IS OUTPERFORMING (June 2026)

Chinese technology IPOs continue to outperform US tech sector IPOs in 2026. China has instituted supportive policies to help its tech companies...

David Mudd

US Index IPO Forecast - Mar26: 8 Additions Including Medline & BETA Technologies

MDLN is set to be the largest US IPO index addition in March with a $60bn market cap, while BETA and YSS are poised for significant September...

Dimitris Ioannidis

EquipmentShare.com (EQPT): Construction Rental Platform IPO Surges, Trades Strong on Day One

EquipmentShare's successful IPO at $24.50 saw a 33% surge on day one, closing at $32.56, driven by investor confidence in T3 technology and...

IPO Boutique

Primer: Circle - 19 Jan 2026

Regulated stablecoin platform powering USDC/EURC payments, cross-border settlements, and developer treasury APIs

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BitGo Holdings, Inc.(BTGO): Digital Asset Company Sets Terms for IPO, Seeking $2.0b Valuation

​BitGo resumes IPO plans, aiming for $1.7B–$2.0B valuation, offering 11.8M shares at $15–$17 to support growth and strategic investments.

IPO Boutique

CHINA Vs U.S. TECH IPOs: WHY CHINA IS OUTPERFORMING (June 2026)

Chinese technology IPOs continue to outperform US tech sector IPOs in 2026. China has instituted supportive policies to help its tech companies...

David Mudd

US Index IPO Forecast - Mar26: 8 Additions Including Medline & BETA Technologies

MDLN is set to be the largest US IPO index addition in March with a $60bn market cap, while BETA and YSS are poised for significant September...

Dimitris Ioannidis

EquipmentShare.com (EQPT): Construction Rental Platform IPO Surges, Trades Strong on Day One

​EquipmentShare's successful IPO at $24.50 saw a 33% surge on day one, closing at $32.56, driven by investor confidence in T3 technology and...

IPO Boutique

Primer: Circle - 19 Jan 2026

Regulated stablecoin platform powering USDC/EURC payments, cross-border settlements, and developer treasury APIs

Sacra

BitGo resumes IPO plans, aiming for $1.7B–$2.0B valuation, offering 11.8M shares at $15–$17 to support growth and strategic investments.

EquipmentShare's successful IPO at $24.50 saw a 33% surge on day one, closing at $32.56, driven by investor confidence in T3 technology and...