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 is an institutionally focused global digital asset platform that provides market infrastructure and information services.</li>
<li>Reflecting their strong market presence, the Bullish Exchange’s total trading volume since launch has exceeded $1.25 trillion as of March 31, 2025.</li>
<li>The digital assets space, especially crypto-exchanges, is one that has the strong tailwind from legislation passed by lawmakers which is anticipated to increase adoption from a more institutional investor base.</li>
</ul>


The is an institutionally focused global digital asset platform that provides market infrastructure and information services.
Reflecting their strong market presence, the Bullish Exchange’s total trading volume since launch has exceeded $1.25 trillion as of March 31, 2025.
The digital assets space, especially crypto-exchanges, is one that has the strong tailwind from legislation passed by lawmakers which is anticipated to increase adoption from a more institutional investor base.


Bullish US LLC (BLSH): Peeking at the IPO Prospectus of a Powerhouse Global Digital Asset Platform

<ul>
<li>Figma is offering 36.9mm shares at $25.00-$28.00 equating to a market cap of $12.2bn-$13.65b and is scheduled to debut on July 31st.</li>
<li>They estimate their total revenue to increase by 39% to 41% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.</li>
<li>This company is highly regarded in the software sector and we believe that there will be ample interest in this IPO.</li>
</ul>


Figma is offering 36.9mm shares at $25.00-$28.00 equating to a market cap of $12.2bn-$13.65b and is scheduled to debut on July 31st.
They estimate their total revenue to increase by 39% to 41% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
This company is highly regarded in the software sector and we believe that there will be ample interest in this IPO.


Figma Inc (FIG): High Profile Software IPO Sets Terms, Expecting Major Attention Next Week

Insurance & Central Asia-focused Analyst, KT Capital Group

Alec Tseung

Insurance & Central Asia-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>Using SOTP is likely the best way to value COIN going forward as its subscription and services revenue is now more substantial and Circle has just gone public.</li>
<li>Non-Transaction revenue is being valued at a much higher multiple than transaction revenue. SOTP valuation indicates limited near-term upside from COIN's current market capitalization.</li>
<li>Circle's impact on Coinbase is now twofold: 1) driving its revenue mix shift toward non-transaction revenue; 2) acting as a key benchmark for its non-transaction revenue valuation.</li>
</ul>


Using SOTP is likely the best way to value COIN going forward as its subscription and services revenue is now more substantial and Circle has just gone public.
Non-Transaction revenue is being valued at a much higher multiple than transaction revenue. SOTP valuation indicates limited near-term upside from COIN's current market capitalization.
Circle's impact on Coinbase is now twofold: 1) driving its revenue mix shift toward non-transaction revenue; 2) acting as a key benchmark for its non-transaction revenue valuation.


Coinbase 2025 High Conviction Call Update: Limited Near-Term Upside from Current Valuation

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>LG CNS has been one of the hottest stocks in the Korean stocks market in the past one month (up 87%), sharply outperforming KOSPI.</li>
<li><em><strong>The biggest driver of LG CNS's share price in the past month has been that this company has the potential to become a leading stablecoin platform in Korea.  </strong></em></li>
<li>Many investors believe that LG CNS has the expertise in blockchain/AI/cryptocurrency backend solutions to become one of the leading Won based stablecoin platforms in Korea.</li>
</ul>


LG CNS has been one of the hottest stocks in the Korean stocks market in the past one month (up 87%), sharply outperforming KOSPI.
The biggest driver of LG CNS's share price in the past month has been that this company has the potential to become a leading stablecoin platform in Korea.  
Many investors believe that LG CNS has the expertise in blockchain/AI/cryptocurrency backend solutions to become one of the leading Won based stablecoin platforms in Korea.


Why Is LG CNS One of the Hottest Stocks in Korea in the Past One Month? Answer: Stablecoin Platform

Voyager Technologies / Equity Capital Markets

<ul>
<li>Voyager Technologies priced 12.3mm shares (upsized from 11.0mm) at $31.00 ($2 Above the Range) and opened at $69.75 for a gain of 125.0% at first trade.</li>
<li>The offering finished north of 20-times oversubscribed (on the new size) with the top 10 accounts taking 60% of the deal and the top 20 getting 80% of the transaction.</li>
<li>The volume of VOYG was nearly 2x the float making this stock one that could potentially find buyers in days to come.</li>
</ul>


Voyager Technologies priced 12.3mm shares (upsized from 11.0mm) at $31.00 ($2 Above the Range) and opened at $69.75 for a gain of 125.0% at first trade.
The offering finished north of 20-times oversubscribed (on the new size) with the top 10 accounts taking 60% of the deal and the top 20 getting 80% of the transaction.
The volume of VOYG was nearly 2x the float making this stock one that could potentially find buyers in days to come.


Voyager Technologies Inc. (VOYG): Space & Defense IPO Rockets Higher; More than a Double at Open

United States

Circle Internet Group, Inc. provides financial technology solutions. The Company provides a digital asset platform and network utility systems that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce, and financial applications. Circle Internet Group serves customers worldwide.

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Circle Internet Group (CRCL US)

Bullish US LLC (BLSH): Peeking at the IPO Prospectus of a Powerhouse Global Digital Asset Platform

The Bullish Exchange surpasses $1.25 trillion in trading volume, benefiting from legislative support for institutional adoption in the digital...

IPO Boutique

Figma Inc (FIG): High Profile Software IPO Sets Terms, Expecting Major Attention Next Week

Figma set to debut on July 31st with estimated revenue growth and high market cap, generating significant interest in IPO.

IPO Boutique

Coinbase 2025 High Conviction Call Update: Limited Near-Term Upside from Current Valuation

COIN's evolution to non-transaction revenue commands premium multiples, but SOTP analysis shows current market capitalization offers limited near...

Alec Tseung

Why Is LG CNS One of the Hottest Stocks in Korea in the Past One Month? Answer: Stablecoin Platform

The biggest driver of LG CNS's share price in the past month has been that this company has the potential to become a leading stablecoin platform...

Douglas Kim

Voyager Technologies Inc. (VOYG): Space & Defense IPO Rockets Higher; More than a Double at Open

Voyager Technologies IPO prices above range, opens at 125% gain with high demand from top accounts, potential for continued buyer interest.

IPO Boutique

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Bullish US LLC (BLSH): Peeking at the IPO Prospectus of a Powerhouse Global Digital Asset Platform

​The Bullish Exchange surpasses $1.25 trillion in trading volume, benefiting from legislative support for institutional adoption in the digital...

IPO Boutique

Figma Inc (FIG): High Profile Software IPO Sets Terms, Expecting Major Attention Next Week

​Figma set to debut on July 31st with estimated revenue growth and high market cap, generating significant interest in IPO.

IPO Boutique

Coinbase 2025 High Conviction Call Update: Limited Near-Term Upside from Current Valuation

COIN's evolution to non-transaction revenue commands premium multiples, but SOTP analysis shows current market capitalization offers limited near...

Alec Tseung

Why Is LG CNS One of the Hottest Stocks in Korea in the Past One Month? Answer: Stablecoin Platform

The biggest driver of LG CNS's share price in the past month has been that this company has the potential to become a leading stablecoin platform...

Douglas Kim

Voyager Technologies Inc. (VOYG): Space & Defense IPO Rockets Higher; More than a Double at Open

​Voyager Technologies IPO prices above range, opens at 125% gain with high demand from top accounts, potential for continued buyer interest.

IPO Boutique

The Bullish Exchange surpasses $1.25 trillion in trading volume, benefiting from legislative support for institutional adoption in the digital...

Figma set to debut on July 31st with estimated revenue growth and high market cap, generating significant interest in IPO.

Voyager Technologies IPO prices above range, opens at 125% gain with high demand from top accounts, potential for continued buyer interest.