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>Ambiq Micro priced 4.0 million shares at $24.00.  The  share count was upsized 17.6% and the pricing was at the upper-half of the range. </li>
<li>The performance of Ambiq Micro is one that squarely places them among the best for the year in terms of opening performance. </li>
<li>A conservative valuation and a small deal size assisted in this IPO being wildly successful.</li>
</ul>


Ambiq Micro priced 4.0 million shares at $24.00.  The  share count was upsized 17.6% and the pricing was at the upper-half of the range. 
The performance of Ambiq Micro is one that squarely places them among the best for the year in terms of opening performance. 
A conservative valuation and a small deal size assisted in this IPO being wildly successful.


Ambiq Micro, Inc. (AMBQ): Semi-Conductor Surges, Upsized IPO Jumps 58% at Open

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

<ul><li>Neo Financial is building a vertically integrated consumer finance platform to compete with the Big Six banks—starting with a high-cashback Mastercard and expanding into savings, investing, mortgages, and BaaS.</li><li>Riding the wave of 4-5 % interest rates to drive deposits growth and rolling out Neo Mortgage nationwide for $200M in home-loan originations in its first year, Sacra estimates Neo Financial reached $115M in revenue run rate at the end of 2024, up ~40% YoY.</li><li>With Revolut withdrawing from Canada and few home-grown startup challengers (Koho, Wealthsimple), Neo Financial’s deep local ties are key to user acquisition in a market where 90%+ of consumers bank with the Big Six.</li></ul>

Neo Financial is building a vertically integrated consumer finance platform to compete with the Big Six banks—starting with a high-cashback Mastercard and expanding into savings, investing, mortgages, and BaaS.Riding the wave of 4-5 % interest rates to drive deposits growth and rolling out Neo Mortgage nationwide for $200M in home-loan originations in its first year, Sacra estimates Neo Financial reached $115M in revenue run rate at the end of 2024, up ~40% YoY.With Revolut withdrawing from Canada and few home-grown startup challengers (Koho, Wealthsimple), Neo Financial’s deep local ties are key to user acquisition in a market where 90%+ of consumers bank with the Big Six.

<ul>
<li>Chime Financial, Inc. (CHYM) priced a full-size deal of 32.0mm shares at $27.00 ($1 Above the $24-$26 range) and opened at $43.00 for a gain of 59.2% at first trade.</li>
<li>The debut is a major win for IPO investors but a disappointment for aftermarket traders as the stock closed nearly six points below the open.</li>
<li>Chime's order book finished north of 20-times oversubscribed with the top ten accounts taking 60% of the deal and the top 20 being allocated 85% of the transaction. </li>
</ul>


Chime Financial, Inc. (CHYM) priced a full-size deal of 32.0mm shares at $27.00 ($1 Above the $24-$26 range) and opened at $43.00 for a gain of 59.2% at first trade.
The debut is a major win for IPO investors but a disappointment for aftermarket traders as the stock closed nearly six points below the open.
Chime's order book finished north of 20-times oversubscribed with the top ten accounts taking 60% of the deal and the top 20 being allocated 85% of the transaction. 


Chime Financial, Inc. (CHYM): Rips 59% at Open, IPO Dips the Rest of the Day

<ul>
<li>The hold-up is based upon how Chime should be valued -- either like a fintech darling or just another financial services company.</li>
<li>The company’s gross profit tells a solid growth story as Chime ramps into the IPO with a healthy 33% gross profit clip based on Q1 2025 financials vs Q1 2024. </li>
<li>According to our sources, the Chime order book is considered multiple-times oversubscribed.</li>
</ul>


The hold-up is based upon how Chime should be valued -- either like a fintech darling or just another financial services company.
The company’s gross profit tells a solid growth story as Chime ramps into the IPO with a healthy 33% gross profit clip based on Q1 2025 financials vs Q1 2024. 
According to our sources, the Chime order book is considered multiple-times oversubscribed.


Chime Financial, Inc. (CHYM): Heavy Demand in IPO Order Book but Reason for Caution

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>
<a href="https://www.smartkarma.com/entities/chime-financial-inc" target="_blank" data-smartkarma-citation="entities:45194:1" rel="noopener">Chime Financial (CHYM US)</a> meets public voting rights eligibility only after the 6-month lock-up expiry, leading to its delayed inclusion in Global-F SmallCap and R1000 in <em>2026</em>.</li>
<li>
<a href="https://www.smartkarma.com/entities/chime-financial-inc" target="_blank" data-smartkarma-citation="entities:45194:1" rel="noopener">Chime Financial (CHYM US)</a> will be excluded from Global-M for the next 12 months due to the lock-up on undisclosed shareholders, which keeps the free float below the 15% threshold.</li>
<li>
<a href="https://www.smartkarma.com/entities/chime-financial-inc" target="_blank" data-smartkarma-citation="entities:45194:1" rel="noopener">Chime Financial (CHYM US)</a> is expected to be added to US TMI at the September 2025 review.</li>
</ul>



Chime Financial (CHYM US) meets public voting rights eligibility only after the 6-month lock-up expiry, leading to its delayed inclusion in Global-F SmallCap and R1000 in 2026.

Chime Financial (CHYM US) will be excluded from Global-M for the next 12 months due to the lock-up on undisclosed shareholders, which keeps the free float below the 15% threshold.

Chime Financial (CHYM US) is expected to be added to US TMI at the September 2025 review.


Chime Financial (CHYM US): Delayed Inclusion to US & Global Indices

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)

Ambiq Micro, Inc. (AMBQ): Semi-Conductor Surges, Upsized IPO Jumps 58% at Open

Ambiq Micro's successful IPO saw 4.0 million shares priced at $24.00, upsized by 17.6% and at the upper end of the range, leading to strong...

IPO Boutique

$115M/year Chime Of Canada

TL;DR: Founded in 2019 as Canada’s answer to Chime, Neo Financial is building a vertically integrated consumer finance platform to compete with the...

Sacra

Chime Financial, Inc. (CHYM): Rips 59% at Open, IPO Dips the Rest of the Day

Chime Financial (CHYM) IPO soars 59.2% on debut, but closes below opening price; order book heavily oversubscribed with top accounts receiving...

IPO Boutique

Chime Financial, Inc. (CHYM): Heavy Demand in IPO Order Book but Reason for Caution

Chime's valuation debate hinges on whether it should be seen as a fintech star or a traditional financial services company, with strong growth and...

IPO Boutique