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

Ategrity Specialty Holdings / Equity Capital Markets

<ul>
<li>Ategrity Specialty Holdings LLC (ASIC) priced a full-size deal of 6.67mm shares at $17.00 ($1 above the range) and opened at $23.65 for a gain of 39.1% at first trade.</li>
<li>The underwriters felt good about this IPO enough that they elected to accelerate the timing of this deal by a single day.</li>
<li>This insurance company was a pure-play E&amp;S with higher regards given to this niche area by sector-dedicated investors.</li>
</ul>


Ategrity Specialty Holdings LLC (ASIC) priced a full-size deal of 6.67mm shares at $17.00 ($1 above the range) and opened at $23.65 for a gain of 39.1% at first trade.
The underwriters felt good about this IPO enough that they elected to accelerate the timing of this deal by a single day.
This insurance company was a pure-play E&amp;S with higher regards given to this niche area by sector-dedicated investors.


Ategrity Specialty Holdings LLC (ASIC): Insurance Sector Stays Hot, Pops 6 Points at Open

<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

Voyager Technologies / Equity Capital Markets

<ul>
<li>The company that describes itself as an innovation-driven defense technology and space solutions company has gained significant momentum in the first days of its roadshow</li>
<li>The transaction has anchor orders from established funds and a $20 million directed share program. </li>
<li>At the midpoint of the range, Voyager is valued at 7x multiple of projected revenue for 2026 which is a discount to peers.</li>
</ul>


The company that describes itself as an innovation-driven defense technology and space solutions company has gained significant momentum in the first days of its roadshow
The transaction has anchor orders from established funds and a $20 million directed share program. 
At the midpoint of the range, Voyager is valued at 7x multiple of projected revenue for 2026 which is a discount to peers.


Voyager Technologies Inc. (VOYG): Space & Defense Demand Is Hot, Deal Double-Digits Oversubscribed

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/circle-internet-group-inc" target="_blank" data-smartkarma-citation="entities:45034:1" rel="noopener">Circle Internet Group (CRCL US)</a> is forecasted to be added to both US TMI and R1000 at the September 2025 review. </li>
<li>
<a href="https://www.smartkarma.com/entities/circle-internet-group-inc" target="_blank" data-smartkarma-citation="entities:45034:1" rel="noopener">Circle Internet Group (CRCL US)</a> is forecasted to be added to Global Standard at the November 2025 review and to Global All-World at the December 2025 review.</li>
<li>A significant upweight is anticipated at the March 2026 review in R1000 and Global All-World following the lock-up expiry.</li>
</ul>



Circle Internet Group (CRCL US) is forecasted to be added to both US TMI and R1000 at the September 2025 review. 

Circle Internet Group (CRCL US) is forecasted to be added to Global Standard at the November 2025 review and to Global All-World at the December 2025 review.
A significant upweight is anticipated at the March 2026 review in R1000 and Global All-World following the lock-up expiry.


Circle Internet Group (CRCL US): Rounded US & Global Index Inclusion & Upweight

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published over the past two weeks on Smartkarma</li>
<li>In this cut, we look at an Asian toy manufacturer not named Pop Mart or Dream Int'l, the mashup between crypto and equity markets and the takeaways from tracking buybacks</li>
<li>Want to dig deeper? Comment or message on the themes you think should be highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published over the past two weeks on Smartkarma
In this cut, we look at an Asian toy manufacturer not named Pop Mart or Dream Int'l, the mashup between crypto and equity markets and the takeaways from tracking buybacks
Want to dig deeper? Comment or message on the themes you think should be highlighted next


Curator's Cut: The Next Labubu, Crypto Equities & Tracking APAC Buybacks

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)

Ategrity Specialty Holdings LLC (ASIC): Insurance Sector Stays Hot, Pops 6 Points at Open

Ategrity Specialty Holdings LLC IPO priced above range, opened strong with 39.1% gain, showing confidence in niche E&S insurance market.

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

Voyager Technologies Inc. (VOYG): Space & Defense Demand Is Hot, Deal Double-Digits Oversubscribed

Innovative defense tech and space company gains momentum in roadshow with anchor orders and attractive valuation compared to peers.

IPO Boutique