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>WhiteFiber is offering 7.8 million shares at $15-$17 equating to a potential market cap of $523m-$593m.</li>
<li>Insiders are buying in this offering which adds to the bullish thesis.</li>
<li>They expect revenue to come between $17.7m-$19.6m for Q2 2025 after posting revenue of $16.8m in Q1 2025. </li>
</ul>


WhiteFiber is offering 7.8 million shares at $15-$17 equating to a potential market cap of $523m-$593m.
Insiders are buying in this offering which adds to the bullish thesis.
They expect revenue to come between $17.7m-$19.6m for Q2 2025 after posting revenue of $16.8m in Q1 2025. 


WhiteFiber, Inc. (WYFI): Subsidiary of Bit Digital, CoreWeave Comp Attracting IPO Interest

<ul>
<li>WhiteFiber is offering 7.8 million shares at $15-$17 equating to a potential market cap of $523m-$593m.</li>
<li>They are currently a wholly-owned subsidiary of Bit Digital. They intend to sell approximately 22.4% of their issued and outstanding Ordinary Shares to the public as part of this offering.</li>
<li>They expect preliminary unaudited revenue from cloud services for the three months ended June 30, 2025 will be $16.1 million to $17.8 million, an increase of  28.7% to 42.3%, respectively.</li>
</ul>


WhiteFiber is offering 7.8 million shares at $15-$17 equating to a potential market cap of $523m-$593m.
They are currently a wholly-owned subsidiary of Bit Digital. They intend to sell approximately 22.4% of their issued and outstanding Ordinary Shares to the public as part of this offering.
They expect preliminary unaudited revenue from cloud services for the three months ended June 30, 2025 will be $16.1 million to $17.8 million, an increase of  28.7% to 42.3%, respectively.


WhiteFiber, Inc. (WYFI): AI Infrastructure Company Sets Terms for IPO, Data Centers in Focus

<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

<ul>
<li>Bit Digital's division of high performance computing (HPCs) is going public with B. Riley and Needham leading the IPO. </li>
<li>They had revenue of $8.17 million and $16.77 million and net income of $826.5 thousand and $1.43 million in the first quarter or 2024 and 2025, respectively.</li>
<li>A comp to this IPO, CoreWeave (CRWV US), saw its company highly scrutinized in the pre-IPO process only to see the stock outperform once going public.</li>
</ul>


Bit Digital's division of high performance computing (HPCs) is going public with B. Riley and Needham leading the IPO. 
They had revenue of $8.17 million and $16.77 million and net income of $826.5 thousand and $1.43 million in the first quarter or 2024 and 2025, respectively.
A comp to this IPO, CoreWeave (CRWV US), saw its company highly scrutinized in the pre-IPO process only to see the stock outperform once going public.


WhiteFiber, Inc. (WYFI): Peeking at the IPO Prospectus of an AI Infrastructure Solutions Company

US-EU Index & Corporate Actions Analyst, ORTEX

Harry Kalfas

US-EU Index & Corporate Actions Analyst

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>The merger between <a href="https://www.smartkarma.com/entities/synopsys-inc" target="_blank" data-smartkarma-citation="entities:3493:1" rel="noopener">Synopsys Inc (SNPS US)</a> and <a href="https://www.smartkarma.com/entities/ansys-inc" target="_blank" data-smartkarma-citation="entities:15473:1" rel="noopener">Ansys Inc (ANSS US)</a> marks a major industry milestone, having overcome extended regulatory hurdles, including a delayed approval from Chinese authorities.</li>
<li>
<a href="https://www.smartkarma.com/entities/ansys-inc" target="_blank" data-smartkarma-citation="entities:15473:1" rel="noopener">Ansys Inc (ANSS US)</a> shareholders will receive $197 cash plus 0.3450 <a href="https://www.smartkarma.com/entities/synopsys-inc" target="_blank" data-smartkarma-citation="entities:3493:1" rel="noopener">Synopsys Inc (SNPS US)</a> shares per <a href="https://www.smartkarma.com/entities/ansys-inc" target="_blank" data-smartkarma-citation="entities:15473:1" rel="noopener">Ansys Inc (ANSS US)</a> share, valuing the deal at about $35 billion.</li>
<li>The merger is expected to significantly impact major U.S. indexes, triggering intra-quarter replacements and substantial passive fund flows.</li>
</ul>


The merger between Synopsys Inc (SNPS US) and Ansys Inc (ANSS US) marks a major industry milestone, having overcome extended regulatory hurdles, including a delayed approval from Chinese authorities.

Ansys Inc (ANSS US) shareholders will receive $197 cash plus 0.3450 Synopsys Inc (SNPS US) shares per Ansys Inc (ANSS US) share, valuing the deal at about $35 billion.
The merger is expected to significantly impact major U.S. indexes, triggering intra-quarter replacements and substantial passive fund flows.


Synopsys’ $35 Billion Acquisition of Ansys Closing: Major Index Changes Triggered

United States

CoreWeave, Inc. provides software solutions and cloud services. The Company offers cloud infrastructure platform that manages the complexity of engineering, assembling, running, and monitoring state-of-the-art infrastructure at a massive scale to deliver high performance and efficiency to AI workloads. CoreWeave serves customers worldwide.

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CoreWeave (CRWV US)

WhiteFiber, Inc. (WYFI): Subsidiary of Bit Digital, CoreWeave Comp Attracting IPO Interest

WhiteFiber is offering 7.8 million shares at $15-$17, with insiders buying in, expecting revenue of $17.7m-$19.6m for Q2 2025.

IPO Boutique

WhiteFiber, Inc. (WYFI): AI Infrastructure Company Sets Terms for IPO, Data Centers in Focus

WhiteFiber plans to offer 7.8 million shares at $15-$17, potentially reaching a market cap of $523m-$593m, with expected revenue growth of 28.7%...

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

WhiteFiber, Inc. (WYFI): Peeking at the IPO Prospectus of an AI Infrastructure Solutions Company

Bit Digital's HPC division going public with B. Riley and Needham, showing strong revenue and net income growth. CoreWeave IPO comp suggests...

IPO Boutique

Synopsys’ $35 Billion Acquisition of Ansys Closing: Major Index Changes Triggered

Synopsys’ $35B Ansys deal closes after regulatory delays, reshaping major U.S. indexes with key stock replacements and significant passive fund...

Harry Kalfas

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WhiteFiber, Inc. (WYFI): Subsidiary of Bit Digital, CoreWeave Comp Attracting IPO Interest

​WhiteFiber is offering 7.8 million shares at $15-$17, with insiders buying in, expecting revenue of $17.7m-$19.6m for Q2 2025.

IPO Boutique

WhiteFiber, Inc. (WYFI): AI Infrastructure Company Sets Terms for IPO, Data Centers in Focus

​WhiteFiber plans to offer 7.8 million shares at $15-$17, potentially reaching a market cap of $523m-$593m, with expected revenue growth of 28.7%...

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

WhiteFiber, Inc. (WYFI): Peeking at the IPO Prospectus of an AI Infrastructure Solutions Company

​Bit Digital's HPC division going public with B. Riley and Needham, showing strong revenue and net income growth. CoreWeave IPO comp suggests...

IPO Boutique

Synopsys’ $35 Billion Acquisition of Ansys Closing: Major Index Changes Triggered

Synopsys’ $35B Ansys deal closes after regulatory delays, reshaping major U.S. indexes with key stock replacements and significant passive fund...

Harry Kalfas

WhiteFiber is offering 7.8 million shares at $15-$17, with insiders buying in, expecting revenue of $17.7m-$19.6m for Q2 2025.

WhiteFiber plans to offer 7.8 million shares at $15-$17, potentially reaching a market cap of $523m-$593m, with expected revenue growth of 28.7%...

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

Bit Digital's HPC division going public with B. Riley and Needham, showing strong revenue and net income growth. CoreWeave IPO comp suggests...