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

Shoulder Innovations / Equity Capital Markets

<ul>
<li>The stock priced a full-size deal of five million shares at $15.00 ($4 below the prevailing $19-$21 range) and opened at $15.60. </li>
<li>According to our sources, the deal was reportedly multiple-times oversubscribed with several anchor orders from mutual fund and sector-dedicated funds.</li>
<li>We think this deal was placed and priced well. Furthermore, the small deal size assisted in getting this company a small premium at first trade.</li>
</ul>


The stock priced a full-size deal of five million shares at $15.00 ($4 below the prevailing $19-$21 range) and opened at $15.60. 
According to our sources, the deal was reportedly multiple-times oversubscribed with several anchor orders from mutual fund and sector-dedicated funds.
We think this deal was placed and priced well. Furthermore, the small deal size assisted in getting this company a small premium at first trade.


Shoulder Innovations, Inc. (SI): MedTech Implant Company Priced Well-Below Range, Opens 4% Higher

<ul>
<li>For the three months ended June 30, 2025, they expect net revenue to be between $10.8 million and $11.2 million, compared to $8.3 million for the same period in 2024.</li>
<li>Channel checks from our sources revealed that the deal is being classified as well-oversubscribed. The books are scheduled to close Tuesday at 4pm ET.  </li>
<li>We like the risk-reward profile of this deal and see solid upside in this deal at this time. </li>
</ul>


For the three months ended June 30, 2025, they expect net revenue to be between $10.8 million and $11.2 million, compared to $8.3 million for the same period in 2024.
Channel checks from our sources revealed that the deal is being classified as well-oversubscribed. The books are scheduled to close Tuesday at 4pm ET.  
We like the risk-reward profile of this deal and see solid upside in this deal at this time. 


Shoulder Innovations, Inc. (SI): Small MedTech Implant Company Gaining IPO Interest

<ul>
<li>Shoulder Innovations will be offering 5.0mm shares at $19-$21 and to debut on July 31st.</li>
<li>The underwriters have reserved up to 6% of the shares of common stock offered through a directed share program. </li>
<li>The sector had a surprise underperformance from CarlsMed this week and will be looking to rebound with this upcoming IPO. </li>
</ul>


Shoulder Innovations will be offering 5.0mm shares at $19-$21 and to debut on July 31st.
The underwriters have reserved up to 6% of the shares of common stock offered through a directed share program. 
The sector had a surprise underperformance from CarlsMed this week and will be looking to rebound with this upcoming IPO. 


Shoulder Innovations, Inc. (SI): Another MedTech to Test the Market, Sets Terms for July 31 IPO

<ul>
<li>They are a commercial stage medical technology company that currently offers advanced implant systems for shoulder arthroplasty.</li>
<li>They generated net revenue of $31.6 million for the year ended December 31, 2024, compared to net revenue of $19.3 million for the year ended December 31, 2023 (64% growth).</li>
<li>This IPO could set terms as early as next week for a late July or early August debut. </li>
</ul>


They are a commercial stage medical technology company that currently offers advanced implant systems for shoulder arthroplasty.
They generated net revenue of $31.6 million for the year ended December 31, 2024, compared to net revenue of $19.3 million for the year ended December 31, 2023 (64% growth).
This IPO could set terms as early as next week for a late July or early August debut. 


Shoulder Innovations, Inc. (SI): Peeking at the Prospectus of Another MedTech IPO

United States

CARLSMED, Inc. operates as a medical technology company. The Company provides patient imaging, clinical algorithms, and 3D printing technologies that are used to create personalized implants and surgical plans. CARLSMED serves medical sector in the United States.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Carlsmed (CARL US)

Shoulder Innovations, Inc. (SI): MedTech Implant Company Priced Well-Below Range, Opens 4% Higher

Stock priced below range at $15, oversubscribed deal opens at $15.60 with anchor orders, placed and priced well with small deal size getting...

IPO Boutique

Shoulder Innovations, Inc. (SI): Small MedTech Implant Company Gaining IPO Interest

Expecting significant revenue growth for the second quarter of 2025, with a well-oversubscribed deal showing promising upside potential.

IPO Boutique

Shoulder Innovations, Inc. (SI): Another MedTech to Test the Market, Sets Terms for July 31 IPO

Shoulder Innovations set to debut on July 31st with 5.0mm shares priced at $19-$21, underwriters reserve 6% for directed share program to rebound...

IPO Boutique

Shoulder Innovations, Inc. (SI): Peeking at the Prospectus of Another MedTech IPO

Commercial medical technology company specializing in advanced implant systems for shoulder arthroplasty sees 64% revenue growth, plans IPO for...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shoulder Innovations, Inc. (SI): MedTech Implant Company Priced Well-Below Range, Opens 4% Higher

​Stock priced below range at $15, oversubscribed deal opens at $15.60 with anchor orders, placed and priced well with small deal size getting...

IPO Boutique

Shoulder Innovations, Inc. (SI): Small MedTech Implant Company Gaining IPO Interest

​Expecting significant revenue growth for the second quarter of 2025, with a well-oversubscribed deal showing promising upside potential.

IPO Boutique

Shoulder Innovations, Inc. (SI): Another MedTech to Test the Market, Sets Terms for July 31 IPO

​Shoulder Innovations set to debut on July 31st with 5.0mm shares priced at $19-$21, underwriters reserve 6% for directed share program to rebound...

IPO Boutique

Shoulder Innovations, Inc. (SI): Peeking at the Prospectus of Another MedTech IPO

​Commercial medical technology company specializing in advanced implant systems for shoulder arthroplasty sees 64% revenue growth, plans IPO for...

IPO Boutique

Stock priced below range at $15, oversubscribed deal opens at $15.60 with anchor orders, placed and priced well with small deal size getting...

Expecting significant revenue growth for the second quarter of 2025, with a well-oversubscribed deal showing promising upside potential.

Shoulder Innovations set to debut on July 31st with 5.0mm shares priced at $19-$21, underwriters reserve 6% for directed share program to rebound...

Commercial medical technology company specializing in advanced implant systems for shoulder arthroplasty sees 64% revenue growth, plans IPO for...