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

Jefferson Capital / Equity Capital Markets

<ul>
<li>For the three months ended March 31, 2025, they had net income of $64.2 million, compared to $32.9 million for the three months ended March 31, 2024.</li>
<li>The company is coming at an attractive valuation but our sources say traditional IPO investors "may" be staying on the sidelines for this deal. </li>
<li>This company is private equity backed by J.C. Flowers &amp; Co and they will own 68.9% of the voting power following this IPO.</li>
</ul>


For the three months ended March 31, 2025, they had net income of $64.2 million, compared to $32.9 million for the three months ended March 31, 2024.
The company is coming at an attractive valuation but our sources say traditional IPO investors "may" be staying on the sidelines for this deal. 
This company is private equity backed by J.C. Flowers &amp; Co and they will own 68.9% of the voting power following this IPO.


Jefferson Capital Inc (JCAP):Valuation Attractive, Sector-Dedicated Investors to Dominate the Book

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

<ul><li>Credit Acceptance Corporation focuses on providing vehicle ownership to consumers regardless of credit history</li><li>The company has over 50 years of experience in the subprime auto lending market and uses internal data analysis to better price risk</li><li>Despite challenges from COVID, CACC is expected to see EPS growth in 2024 and offers a solid risk/reward opportunity for investors</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Credit Acceptance Corporation focuses on providing vehicle ownership to consumers regardless of credit historyThe company has over 50 years of experience in the subprime auto lending market and uses internal data analysis to better price riskDespite challenges from COVID, CACC is expected to see EPS growth in 2024 and offers a solid risk/reward opportunity for investorsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Credit Acceptance Corp (CACC) - Sunday, Oct 13, 2024

Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

<ul>
<li>We try to stay away from the fool's errand of forecasting the economy;</li>
<li>But often, we notice that high-quality businesses actually benefit from harsh economic conditions in terms of (long-term) shareholder value;</li>
<li>We provided an example of a company that we own to illustrate how.</li>
</ul>


We try to stay away from the fool's errand of forecasting the economy;
But often, we notice that high-quality businesses actually benefit from harsh economic conditions in terms of (long-term) shareholder value;
We provided an example of a company that we own to illustrate how.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Shanghai Dongzheng Automotive Finance / Event-Driven

Shanghai Dongzheng Automotive Finance (DAF HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/saic-motor-corp-ltd-a" target="_blank" data-smartkarma-citation="entities:20833:1" rel="noopener">SAIC Motor (600104 CH)</a> completed the auction procedures for acquiring a 71.04% stake in <a href="https://www.smartkarma.com/entities/shanghai-dongzheng-automotive-finance-co-ltd" target="_blank" data-smartkarma-citation="entities:27984:1" rel="noopener">Dongzheng Automotive Finance (2718 HK)</a>. This will trigger an unconditional MGO at HK$1.2430 per H Share.</li>
<li>The offeror and Dongzheng are required to issue the composite document on or before 11 August jointly. However, an application has been made to the Executive to extend the deadline. </li>
<li>At last close and for an end of September completion, the gross and annualised spread to the MGO price is 3.6% and 20.9%, respectively.</li>
</ul>



SAIC Motor (600104 CH) completed the auction procedures for acquiring a 71.04% stake in Dongzheng Automotive Finance (2718 HK). This will trigger an unconditional MGO at HK$1.2430 per H Share.
The offeror and Dongzheng are required to issue the composite document on or before 11 August jointly. However, an application has been made to the Executive to extend the deadline. 
At last close and for an end of September completion, the gross and annualised spread to the MGO price is 3.6% and 20.9%, respectively.


SAIC Completes Dongzheng Stake Acquisition, Unconditional MGO

<ul>
<li>The potential MGO price is HK$1.2430 per H Share vs <a href="https://www.smartkarma.com/entities/shanghai-dongzheng-automotive-finance-co-ltd" target="_blank" data-smartkarma-citation="entities:27984:1" rel="noopener">Dongzheng Automotive Finance (2718 HK)</a>’s previously noted HK$1.294 per H Share due to the change in RMB/HK$ rates.</li>
<li>The completion procedures for the auction will take place within six months. Approvals have low risk as the <a href="https://www.smartkarma.com/entities/saic-motor-corp-ltd-a" target="_blank" data-smartkarma-citation="entities:20833:1" rel="noopener">SAIC Motor (600104 CH)</a>’s controlling shareholder is owned by the Shanghai SASAC.</li>
<li>At the last close and for a 1 November completion, the gross and annualised spread to the MGO price is 5.3% and 12.7%, respectively.</li>
</ul>


The potential MGO price is HK$1.2430 per H Share vs Dongzheng Automotive Finance (2718 HK)’s previously noted HK$1.294 per H Share due to the change in RMB/HK$ rates.
The completion procedures for the auction will take place within six months. Approvals have low risk as the SAIC Motor (600104 CH)’s controlling shareholder is owned by the Shanghai SASAC.
At the last close and for a 1 November completion, the gross and annualised spread to the MGO price is 5.3% and 12.7%, respectively.


Dongzheng’s Potential MGO Price from SAIC at HK$1.2430

United States

Credit Acceptance Corporation provides funding, receivables management, collection, sales training, and related services to automobile dealers.  The Company provides indirect financing for buyers with limited access to traditional sources of consumer credit.  Credit Acceptance operates in the United States.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Credit Acceptance (CACC US)

Jefferson Capital Inc (JCAP):Valuation Attractive, Sector-Dedicated Investors to Dominate the Book

Private equity backed company reports strong net income of $64.2 million for Q1 2025, but traditional IPO investors may be cautious.

IPO Boutique

Credit Acceptance Corp (CACC) - Sunday, Oct 13, 2024

Credit Acceptance Corporation focuses on providing vehicle ownership to consumers regardless of credit history. The company has over 50 years of...

Value Investors Club (VIC)

A Blessing in Disguise

Here is one reason why tough economic times can, to some degree, be good news to some (long-term) shareholders of high-quality businesses.

Urbem Capital

SAIC Completes Dongzheng Stake Acquisition, Unconditional MGO

At last close and for an end of September completion, the gross and annualised spread to the MGO price is 3.6% and 20.9%, respectively.

Arun George

Dongzheng’s Potential MGO Price from SAIC at HK$1.2430

The completion procedures for the auction will take place within six months. At the last close and for a 1 November completion, the annualised...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jefferson Capital Inc (JCAP):Valuation Attractive, Sector-Dedicated Investors to Dominate the Book

​Private equity backed company reports strong net income of $64.2 million for Q1 2025, but traditional IPO investors may be cautious.

IPO Boutique

Credit Acceptance Corp (CACC) - Sunday, Oct 13, 2024

Credit Acceptance Corporation focuses on providing vehicle ownership to consumers regardless of credit history. The company has over 50 years of...

Value Investors Club (VIC)

A Blessing in Disguise

Here is one reason why tough economic times can, to some degree, be good news to some (long-term) shareholders of high-quality businesses.

Urbem Capital

SAIC Completes Dongzheng Stake Acquisition, Unconditional MGO

At last close and for an end of September completion, the gross and annualised spread to the MGO price is 3.6% and 20.9%, respectively.

Arun George

Dongzheng’s Potential MGO Price from SAIC at HK$1.2430

The completion procedures for the auction will take place within six months. At the last close and for a 1 November completion, the annualised...

Arun George

Private equity backed company reports strong net income of $64.2 million for Q1 2025, but traditional IPO investors may be cautious.