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

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

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>Bullish US (BLSH US) priced its upsized IPO of 30.0 million shares at $37.00, which was $4 above the already upwardly revised $32–$33 range.</li>
<li>The stock opened at $90.00, marking a +143.2% gain at first trade, and cementing one of the largest opening day premiums for a U.S. IPO this year.</li>
<li>The debut pop places Bullish among the standout IPOs of 2025, but the question will be whether the stock can maintain momentum in the aftermarket.</li>
</ul>


Bullish US (BLSH US) priced its upsized IPO of 30.0 million shares at $37.00, which was $4 above the already upwardly revised $32–$33 range.
The stock opened at $90.00, marking a +143.2% gain at first trade, and cementing one of the largest opening day premiums for a U.S. IPO this year.
The debut pop places Bullish among the standout IPOs of 2025, but the question will be whether the stock can maintain momentum in the aftermarket.


Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops

<ul>
<li>
<a href="https://www.smartkarma.com/entities/figma-inc" target="_blank" data-smartkarma-citation="entities:45422:1" rel="noopener">Figma (FIG US)</a> targets a valuation of $13.7bn, aiming to raise $1.2bn given it reaches the top of its pricing range.</li>
<li>Inclusion in US and Global indices is delayed until 2026 due to failing free float and public voting rights eligibility before lock-up expiries.</li>
<li>
<a href="https://www.smartkarma.com/entities/figma-inc" target="_blank" data-smartkarma-citation="entities:45422:1" rel="noopener">Figma (FIG US)</a> is expected to be added to US TMI at the September 2025 review.</li>
</ul>



Figma (FIG US) targets a valuation of $13.7bn, aiming to raise $1.2bn given it reaches the top of its pricing range.
Inclusion in US and Global indices is delayed until 2026 due to failing free float and public voting rights eligibility before lock-up expiries.

Figma (FIG US) is expected to be added to US TMI at the September 2025 review.


Figma (FIG US): Delayed US & Global Index Inclusion Despite Aimed $13.7B Valuation

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

Chime Financial / Private Capital Markets

<ul><li>Sacra estimates that Chime generated $2.19B in revenue in 2025, up 31% from $1.7B in 2024 (and $1.3B in 2023).</li><li>Chime reported its first GAAP profit in Q2 2026, ahead of its full-year GAAP profitability target.</li><li>Chime projects reaching $3.7B in revenue by 2028.</li></ul>

Sacra estimates that Chime generated $2.19B in revenue in 2025, up 31% from $1.7B in 2024 (and $1.3B in 2023).Chime reported its first GAAP profit in Q2 2026, ahead of its full-year GAAP profitability target.Chime projects reaching $3.7B in revenue by 2028.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gcash" target="_blank" data-smartkarma-citation="entities:40108:1" rel="noopener">GCash (Mynt) (GCASH PM)</a> is the No.1 finance super app in the Philippines. It is seeking to raise US$845m at PHP6.60 per share. The listing is on 20 October.</li>
<li>I discussed the IPO in <a href="https://www.smartkarma.com/insights/mynt-gcash-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:249615" rel="noopener">Mynt (GCash) IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/mynt-gcash-ipo-2q-and-valuation-update" target="_blank" data-smartkarma-citation="insights:267765" rel="noopener">Mynt (GCash) IPO: 2Q and Valuation Update</a>. </li>
<li>The cornerstone commitment is unchanged at PHP36.5bn, about 69% of the offer. GCash is fairly valued at the IPO price.</li>
</ul>



GCash (Mynt) (GCASH PM) is the No.1 finance super app in the Philippines. It is seeking to raise US$845m at PHP6.60 per share. The listing is on 20 October.
I discussed the IPO in Mynt (GCash) IPO: The Investment Case and Mynt (GCash) IPO: 2Q and Valuation Update. 
The cornerstone commitment is unchanged at PHP36.5bn, about 69% of the offer. GCash is fairly valued at the IPO price.


Mynt (GCash) IPO: Fairly Valued at the IPO Price

United States

Chime Financial, Inc. develops online banking software. The Company designs financial software to provides online banking, mobile payment, debit and credit cards, and savings and spending account opening services. Chime Financial serves customers in the State of California.

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Chime Financial (CHYM US)

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

Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops

Bullish US IPO soars with +143.2% gain at opening, among top debuts of 2025 with the deal finishing north of 20-times oversubscribed.

IPO Boutique

Figma (FIG US): Delayed US & Global Index Inclusion Despite Aimed $13.7B Valuation

Figma failed fast-entry to US-S TMI (snp) and US-C (crisp) despite price rally of 270% due to free float being below 10% excluding the greenshoe....

Dimitris Ioannidis

Primer: Chime - 01 Jul 2026

Mobile banking app offering no-fee accounts and early paycheck access for low-income consumers

Sacra

Mynt (GCash) IPO: Fairly Valued at the IPO Price

GCash is the No.1 finance super app in the Philippines. It is seeking to raise US$845m at PHP6.60 per share. GCash is fairly valued at the IPO price.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

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

Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops

​Bullish US IPO soars with +143.2% gain at opening, among top debuts of 2025 with the deal finishing north of 20-times oversubscribed.

IPO Boutique

Figma (FIG US): Delayed US & Global Index Inclusion Despite Aimed $13.7B Valuation

Figma failed fast-entry to US-S TMI (snp) and US-C (crisp) despite price rally of 270% due to free float being below 10% excluding the greenshoe....

Dimitris Ioannidis

Primer: Chime - 01 Jul 2026

Mobile banking app offering no-fee accounts and early paycheck access for low-income consumers

Sacra

Mynt (GCash) IPO: Fairly Valued at the IPO Price

GCash is the No.1 finance super app in the Philippines. It is seeking to raise US$845m at PHP6.60 per share. GCash is fairly valued at the IPO price.

Arun George

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,...

Bullish US IPO soars with +143.2% gain at opening, among top debuts of 2025 with the deal finishing north of 20-times oversubscribed.