Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Figma Inc., a VC-backed collaborative design software maker, filed for long-awaited IPO. Morgan Stanley and Goldman Sachs are the lead bankers on the offering.</li>
<li>The San Francisco-based company was valued at $12.5B in a 2024 tender offer. Figma is well-positioned with a strong brand among designers and a growing footprint in enterprise segment.</li>
<li>With strong financial profile and network effects, driven by large scale and efficient GTM strategy, the company remains the leader in collaborative design software market.</li>
</ul>


Figma Inc., a VC-backed collaborative design software maker, filed for long-awaited IPO. Morgan Stanley and Goldman Sachs are the lead bankers on the offering.
The San Francisco-based company was valued at $12.5B in a 2024 tender offer. Figma is well-positioned with a strong brand among designers and a growing footprint in enterprise segment.
With strong financial profile and network effects, driven by large scale and efficient GTM strategy, the company remains the leader in collaborative design software market.


Figma IPO Preview: Fast-Growing Disruptor In The Design Software Market

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>The recent regulatory development and Circle IPO have boosted investor sentiment on stablecoin business outlook and valuation.</li><li>Coinbase has also taken initiatives since June, such as introducing Coinbase Payments and reportedly seeking SEC approval for tokenized equities, which we expect to further accelerate USDC adoption.</li><li>Looking ahead, we expect ample opportunities and vast TAM for the stablecoin business (15% of Coinbase total revenue in 1Q25), including crypto assets, cross-border payment, consumer payment, and the tokenization of traditional assets. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The recent regulatory development and Circle IPO have boosted investor sentiment on stablecoin business outlook and valuation.Coinbase has also taken initiatives since June, such as introducing Coinbase Payments and reportedly seeking SEC approval for tokenized equities, which we expect to further accelerate USDC adoption.Looking ahead, we expect ample opportunities and vast TAM for the stablecoin business (15% of Coinbase total revenue in 1Q25), including crypto assets, cross-border payment, consumer payment, and the tokenization of traditional assets. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Coinbase (COIN US) - Favourable Regulatory Environment and Improving Utility Fuel Stablecoin Outlook

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

Interactive Brokers Group, Inc / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interactive-brokers-group-inc" target="_blank" data-smartkarma-citation="entities:13335:1" rel="noopener">Interactive Brokers (IBKR US),</a><a href="https://www.smartkarma.com/entities/duolingo-inc" target="_blank" data-smartkarma-citation="entities:33531:1" rel="noopener">Duolingo (DUOL US)</a> and <a href="https://www.smartkarma.com/entities/emcor-group-inc" target="_blank" data-smartkarma-citation="entities:20703:1" rel="noopener">EMCOR (EME US)</a> are the main candidates for addition at review to replace <a href="https://www.smartkarma.com/entities/enphase-energy-inc" target="_blank" data-smartkarma-citation="entities:8872:1" rel="noopener">Enphase Energy (ENPH US)</a> and <a href="https://www.smartkarma.com/entities/caesars-entertainment-corp" target="_blank" data-smartkarma-citation="entities:15532:1" rel="noopener">Caesars Entertainment (CZR US)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/cheniere-energy-inc" target="_blank" data-smartkarma-citation="entities:16683:1" rel="noopener">Cheniere Energy (LNG US)</a> and <a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a> are the main candidates for the replacement of the acquisition of <a href="https://www.smartkarma.com/entities/ansys-inc" target="_blank" data-smartkarma-citation="entities:15473:1" rel="noopener">Ansys (ANSS US)</a> which is anticipated end of June.</li>
<li>There is a possibility of zero S&amp;P500 changes at the review due to candidates scoring low in market cap and sector balance.</li>
</ul>



Interactive Brokers (IBKR US),Duolingo (DUOL US) and EMCOR (EME US) are the main candidates for addition at review to replace Enphase Energy (ENPH US) and Caesars Entertainment (CZR US). 

Cheniere Energy (LNG US) and AppLovin (APP US) are the main candidates for the replacement of the acquisition of Ansys (ANSS US) which is anticipated end of June.
There is a possibility of zero S&amp;P500 changes at the review due to candidates scoring low in market cap and sector balance.


S&P500 June 2025 Review Forecast: Weak but Interactive, Time for Duolingo?

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

Circle Internet Group / Equity Capital Markets

<ul>
<li>Circle Internet locked down a pair of anchor orders ahead of next week's IPO which is already oversubscribed.</li>
<li>Circle posted $122m of adjusted Ebitda in Q12025 while growing revenue by 58% to $579m. </li>
<li>The combination of anchor orders, an attractive valuation, growing metrics and a tailwind from the Trump administration all tilt the risk-reward profile in a positive direction.</li>
</ul>


Circle Internet locked down a pair of anchor orders ahead of next week's IPO which is already oversubscribed.
Circle posted $122m of adjusted Ebitda in Q12025 while growing revenue by 58% to $579m. 
The combination of anchor orders, an attractive valuation, growing metrics and a tailwind from the Trump administration all tilt the risk-reward profile in a positive direction.


Circle Internet Group (CRCL): Ark, BlackRock to Anchor Oversubscribed Stablecoin IPO

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Coinbase delivered notable results in the first quarter of 2025, showcasing both strengths and areas for potential growth.</li><li>The company reported a robust financial performance with a top-line revenue of $2 billion and an adjusted EBITDA of $930 million, indicating a strong operational capability even amidst a challenging macroeconomic environment.</li><li>This quarter also saw Coinbase making a strategic acquisition of Deribit, positioning it as the leading global crypto derivative platform by open interest, which is significant as it seeks to expand its footprint in international markets.</li></ul>

Coinbase delivered notable results in the first quarter of 2025, showcasing both strengths and areas for potential growth.The company reported a robust financial performance with a top-line revenue of $2 billion and an adjusted EBITDA of $930 million, indicating a strong operational capability even amidst a challenging macroeconomic environment.This quarter also saw Coinbase making a strategic acquisition of Deribit, positioning it as the leading global crypto derivative platform by open interest, which is significant as it seeks to expand its footprint in international markets.

Coinbase Global: USDC & Stablecoin Strategy Can Help Enhance Revenue Streams But What Is Its Future?

United States

Coinbase Global, Inc. provides financial solutions. The Company offers platform to buy and sell cryptocurrencies. Coinbase Global serves clients worldwide.

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Coinbase Global (COIN US)

Figma IPO Preview: Fast-Growing Disruptor In The Design Software Market

Figma Inc., a VC-backed collaborative design software maker, files for an IPO with strong financials and market leadership. Morgan Stanley and...

Andrei Zakharov

Coinbase (COIN US) - Favourable Regulatory Environment and Improving Utility Fuel Stablecoin Outlook

We revise up our valuation multiple for the stablecoin business and our SOTP-derived target price to US$413.0. Maintain BUY.

CMB International

S&P500 June 2025 Review Forecast: Weak but Interactive, Time for Duolingo?

No index changes materialized, and the candidates are weak indeed. Nonetheless, I still expected eligible midcap constituents to replace CZR and/or...

Dimitris Ioannidis

Circle Internet Group (CRCL): Ark, BlackRock to Anchor Oversubscribed Stablecoin IPO

Circle Internet secures anchor orders and strong financials ahead of oversubscribed IPO, with positive outlook due to growing metrics and...

IPO Boutique

Coinbase Global: USDC & Stablecoin Strategy Can Help Enhance Revenue Streams But What Is Its Future?

Coinbase delivered notable results in the first quarter of 2025, showcasing both strengths and areas for potential growth. The company reported a...

Baptista Research

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Figma IPO Preview: Fast-Growing Disruptor In The Design Software Market

​Figma Inc., a VC-backed collaborative design software maker, files for an IPO with strong financials and market leadership. Morgan Stanley and...

Andrei Zakharov

Coinbase (COIN US) - Favourable Regulatory Environment and Improving Utility Fuel Stablecoin Outlook

We revise up our valuation multiple for the stablecoin business and our SOTP-derived target price to US$413.0. Maintain BUY.

CMB International

S&P500 June 2025 Review Forecast: Weak but Interactive, Time for Duolingo?

No index changes materialized, and the candidates are weak indeed. Nonetheless, I still expected eligible midcap constituents to replace CZR and/or...

Dimitris Ioannidis

Circle Internet Group (CRCL): Ark, BlackRock to Anchor Oversubscribed Stablecoin IPO

​Circle Internet secures anchor orders and strong financials ahead of oversubscribed IPO, with positive outlook due to growing metrics and...

IPO Boutique

Coinbase Global: USDC & Stablecoin Strategy Can Help Enhance Revenue Streams But What Is Its Future?

Coinbase delivered notable results in the first quarter of 2025, showcasing both strengths and areas for potential growth. The company reported a...

Baptista Research

Figma Inc., a VC-backed collaborative design software maker, files for an IPO with strong financials and market leadership. Morgan Stanley and...

Circle Internet secures anchor orders and strong financials ahead of oversubscribed IPO, with positive outlook due to growing metrics and...