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>The company helps everyday people make progress in their financial lives and will be offering 32 million shares at a $24-$26 range equating to a $8.8b-$9.5b valuation.</li>
<li>The deal is anticipated to price on Tuesday (6/10) for a Wednesday (6/11) debut on the Nasdaq.</li>
<li>For the three months ended March 31, 2025 the company earned $518.7m in revenue marking a year-over-year increase of 32.3% from the prior year ($391.9m).</li>
</ul>


The company helps everyday people make progress in their financial lives and will be offering 32 million shares at a $24-$26 range equating to a $8.8b-$9.5b valuation.
The deal is anticipated to price on Tuesday (6/10) for a Wednesday (6/11) debut on the Nasdaq.
For the three months ended March 31, 2025 the company earned $518.7m in revenue marking a year-over-year increase of 32.3% from the prior year ($391.9m).


Chime Financial, Inc. (CHYM): Valuation Cut in Half, Major VC Players Backing FinTech IPO

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>Sacra estimates Revolut hit $4.0B in revenue in 2024, up 75% YoY from $2.3B in 2023, with its Wealth unit (crypto and stocks) growing 298% YoY to $647M.</li><li>Founded in 2015 as a travel-focused FX card that undercut banks' 3-5% foreign exchange spreads with zero-fee interbank rates, Revolut expanded beyond its "must-pack travel accessory" positioning into P2P payments (2015), cryptocurrency trading (2017), stock trading (2019), and now UK banking (licence granted July 2024)—transforming from a single-purpose prepaid card into Europe's largest neobank.</li><li>Capitalizing on the crypto bull market where Bitcoin tripled and retail trading volumes surged across Europe, Sacra estimates that Revolut hit $4.0B in revenue in 2024, up 75% YoY from $2.3B in 2023, with Revolut Wealth (crypto and stock investing) as the fastest growing unit of business at $647M of revenue, up 298% YoY, valued at $45B for a 11.25x revenue multiple.</li></ul>

Sacra estimates Revolut hit $4.0B in revenue in 2024, up 75% YoY from $2.3B in 2023, with its Wealth unit (crypto and stocks) growing 298% YoY to $647M.Founded in 2015 as a travel-focused FX card that undercut banks' 3-5% foreign exchange spreads with zero-fee interbank rates, Revolut expanded beyond its "must-pack travel accessory" positioning into P2P payments (2015), cryptocurrency trading (2017), stock trading (2019), and now UK banking (licence granted July 2024)—transforming from a single-purpose prepaid card into Europe's largest neobank.Capitalizing on the crypto bull market where Bitcoin tripled and retail trading volumes surged across Europe, Sacra estimates that Revolut hit $4.0B in revenue in 2024, up 75% YoY from $2.3B in 2023, with Revolut Wealth (crypto and stock investing) as the fastest growing unit of business at $647M of revenue, up 298% YoY, valued at $45B for a 11.25x revenue multiple.

<ul>
<li>Chime Financial officially filed their S-1 with the SEC with an anticipated June debut.</li>
<li>Chime's valuation peaked at $25 billion during its Series G round in August 2021.</li>
<li>Revenue: For the three months ended March 31, 2025 the company earned $518.7m in revenue marking a year-over-year increase of 32.3% from the prior year ($391.9m)</li>
</ul>


Chime Financial officially filed their S-1 with the SEC with an anticipated June debut.
Chime's valuation peaked at $25 billion during its Series G round in August 2021.
Revenue: For the three months ended March 31, 2025 the company earned $518.7m in revenue marking a year-over-year increase of 32.3% from the prior year ($391.9m)


Chime Financial, Inc. (CHYM): No Fee Financial Company Filed for IPO, Anticipated June Debut

<ul><li>After raising $152M and pushing past $1B in annual travel GMV in 2024, Super.com's aim is to build the core membership-based product for financial wellness.</li><li>Seeking deeper engagement & share-of-wallet and higher LTV, low-to-mid-income fintech apps like Cash App (NYSE: XYZ), Rocket Money (NYSE: RKT) and Chime ($1.7B revenue in 2024, up 31% YoY) are bundling together coupons & discounts, cash advance, credit-builder card, budgeting, micro-earnings, and cash-back all into one app & wallet.</li><li>We are trying to build the world's most valuable membership program for the everyday American. I would love every American to have three memberships: Amazon Prime, Costco, and Super+.</li></ul>

After raising $152M and pushing past $1B in annual travel GMV in 2024, Super.com's aim is to build the core membership-based product for financial wellness.Seeking deeper engagement & share-of-wallet and higher LTV, low-to-mid-income fintech apps like Cash App (NYSE: XYZ), Rocket Money (NYSE: RKT) and Chime ($1.7B revenue in 2024, up 31% YoY) are bundling together coupons & discounts, cash advance, credit-builder card, budgeting, micro-earnings, and cash-back all into one app & wallet.We are trying to build the world's most valuable membership program for the everyday American. I would love every American to have three memberships: Amazon Prime, Costco, and Super+.

Hussein Fazal, CEO Of Super.Com, On The paycheck-to-paycheck Super App

<ul><li>Klarna generated $2.8B in revenue in 2024, up 24% from 2023, posting its first yearly profit as it prepares to go public.</li><li>Last month, Klarna filed to go public, revealing $2.8B in 2024 revenue (up 24% YoY), $105B in GMV (up 14%), and $21M in net profit—their first annual profit in five years—as they target a $10–$15B IPO valuation at 3.5–5x revenue.</li><li>As Klarna moves beyond interest-free loans, it’s up against PayPal—which has 4x the users but only ⅓ the BNPL GMV—as it looks to strengthen its two-sided, closed-loop, parallel payments network.</li></ul>

Klarna generated $2.8B in revenue in 2024, up 24% from 2023, posting its first yearly profit as it prepares to go public.Last month, Klarna filed to go public, revealing $2.8B in 2024 revenue (up 24% YoY), $105B in GMV (up 14%), and $21M in net profit—their first annual profit in five years—as they target a $10–$15B IPO valuation at 3.5–5x revenue.As Klarna moves beyond interest-free loans, it’s up against PayPal—which has 4x the users but only ⅓ the BNPL GMV—as it looks to strengthen its two-sided, closed-loop, parallel payments network.

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)

Chime Financial, Inc. (CHYM): Valuation Cut in Half, Major VC Players Backing FinTech IPO

Financial services company offering 32 million shares at $24-$26 range, expected to debut on Nasdaq with $8.8b-$9.5b valuation after 32.3% revenue...

IPO Boutique

Revolut At $4B/year Growing 75% YoY

TL;DR: With the rise of mobile-first banking and crypto trading across Europe, Revolut has evolved from a zero-fee travel card into a financial...

Sacra

Chime Financial, Inc. (CHYM): No Fee Financial Company Filed for IPO, Anticipated June Debut

Chime Financial files S-1 with SEC, anticipates June debut, with revenue up 32.3% year-over-year to $518.7m for Q1 2025.

IPO Boutique

Hussein Fazal, CEO Of Super.Com, On The paycheck-to-paycheck Super App

Tell us about the original founding insight behind Super.com—what was the wedge, and what early product-market fit told you that there was...

Sacra

Klarna At $2.8B Revenue

TL;DR: As Klarna moves beyond interest-free loans, it’s up against PayPal—which has 4x the users but only ⅓ the BNPL GMV—as it looks to strengthen...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Chime Financial, Inc. (CHYM): Valuation Cut in Half, Major VC Players Backing FinTech IPO

​Financial services company offering 32 million shares at $24-$26 range, expected to debut on Nasdaq with $8.8b-$9.5b valuation after 32.3% revenue...

IPO Boutique

Revolut At $4B/year Growing 75% YoY

TL;DR: With the rise of mobile-first banking and crypto trading across Europe, Revolut has evolved from a zero-fee travel card into a financial...

Sacra

Chime Financial, Inc. (CHYM): No Fee Financial Company Filed for IPO, Anticipated June Debut

​Chime Financial files S-1 with SEC, anticipates June debut, with revenue up 32.3% year-over-year to $518.7m for Q1 2025.

IPO Boutique

Hussein Fazal, CEO Of Super.Com, On The paycheck-to-paycheck Super App

Tell us about the original founding insight behind Super.com—what was the wedge, and what early product-market fit told you that there was...

Sacra

Klarna At $2.8B Revenue

TL;DR: As Klarna moves beyond interest-free loans, it’s up against PayPal—which has 4x the users but only ⅓ the BNPL GMV—as it looks to strengthen...

Sacra

Financial services company offering 32 million shares at $24-$26 range, expected to debut on Nasdaq with $8.8b-$9.5b valuation after 32.3% revenue...

Chime Financial files S-1 with SEC, anticipates June debut, with revenue up 32.3% year-over-year to $518.7m for Q1 2025.