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>DSC Holdings launched its IPO, offering 3.0 million ADSs at $16-$18, targeting a $1.3-$1.5 billion market capitalization ahead of next week's debut.</li>
<li>The company claims over 90% market share in operating systems for China's used-car dealers, leveraging AI, software, and transaction services across the ecosystem.</li>
<li>Investor demand may be constrained by the large anchor order, China exposure, and a relatively small public float versus the company's overall valuation.</li>
</ul>


DSC Holdings launched its IPO, offering 3.0 million ADSs at $16-$18, targeting a $1.3-$1.5 billion market capitalization ahead of next week's debut.
The company claims over 90% market share in operating systems for China's used-car dealers, leveraging AI, software, and transaction services across the ecosystem.
Investor demand may be constrained by the large anchor order, China exposure, and a relatively small public float versus the company's overall valuation.


DSC Holdings (DSC): China Based AI App for Used Car Dealers Sets Terms for IPO

<ul>
<li>China-Based DSC Holdings (DSC US) is a leading AI-driven operating system for used car dealers, reportedly capturing over 90% share of dealer management systems and embedding deeply across workflows.</li>
<li>The company complements its digital platform with integrated transaction services spanning sourcing, inspection, logistics, and sales, creating a high-frequency, data-rich ecosystem.</li>
<li>Filed for IPO on May 26, 2026 with Deutsche Bank, CICC, CR Global Markets, and ICBC International, DSC operates in China’s large, fast-growing used-car market.</li>
</ul>


China-Based DSC Holdings (DSC US) is a leading AI-driven operating system for used car dealers, reportedly capturing over 90% share of dealer management systems and embedding deeply across workflows.
The company complements its digital platform with integrated transaction services spanning sourcing, inspection, logistics, and sales, creating a high-frequency, data-rich ecosystem.
Filed for IPO on May 26, 2026 with Deutsche Bank, CICC, CR Global Markets, and ICBC International, DSC operates in China’s large, fast-growing used-car market.


DSC Holdings (DSC): Peeking at the IPO Prospectus of a China, AI App for Used Car Dealers Company

APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dsc-holdings" target="_blank" data-smartkarma-citation="entities:50167:1" rel="noopener">DSC Holdings (DSC US)</a>  looking to raise about US$100m in its upcoming US IPO.</li>
<li>DSC Holdings provides digitalization and transaction services to China’s used car industry, serving auto merchants such as used car dealers, new car brokers, and OEMs.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



DSC Holdings (DSC US)  looking to raise about US$100m in its upcoming US IPO.
DSC Holdings provides digitalization and transaction services to China’s used car industry, serving auto merchants such as used car dealers, new car brokers, and OEMs.
In this note, we look at the company’s past performance.


Aequitas: DSC Holdings Pre-IPO - Lacks Growth And Profitability

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> manage to stay above its IPO price, which should help the overall market</li>
<li>There were a few lockup expiry linked placements in the past week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SpaceX (SPCX US) manage to stay above its IPO price, which should help the overall market
There were a few lockup expiry linked placements in the past week.


Aequitas ECM Weekly (15 June 2026) - SpaceX, GO, Lingyi, Nexchip, SG Micro, Semi-Tech, BIWIN, ICICI

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> kicked off the process for what will be the largest global IPO ever.</li>
<li>There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SpaceX (SPCX US) kicked off the process for what will be the largest global IPO ever.
There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.


Aequitas ECM Weekly (8 June 2026) - SpaceX, GO, Dajin, Merdeka Gold, DSC, WT Micro, JD Industrial

China

DSC Holdings provides digitalization and transaction services to China’s used car industry, serving auto merchants such as used car dealers, new car brokers, and OEMs. Its digitalization solutions act as the software foundation for these customers, replacing manual workflows with cloud-based operating systems.

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DSC Holdings (DSC US)

DSC Holdings (DSC): China Based AI App for Used Car Dealers Sets Terms for IPO

DSC Holdings IPO targets $1.3-$1.5 billion market cap. They are a used-car dealer operating systems, but investor demand may be limited by anchor...

IPO Boutique

DSC Holdings (DSC): Peeking at the IPO Prospectus of a China, AI App for Used Car Dealers Company

China's DSC Holdings dominates dealer management systems with AI-driven platform, files for IPO to expand in growing used-car market.

IPO Boutique

Aequitas: DSC Holdings Pre-IPO - Lacks Growth And Profitability

DSC Holdings plans to raise $100m in US IPO, providing digital services to China's used car industry. Analysis of past performance included.

Hong Jie Seow

Aequitas ECM Weekly (15 June 2026) - SpaceX, GO, Lingyi, Nexchip, SG Micro, Semi-Tech, BIWIN, ICICI

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas ECM Weekly (8 June 2026) - SpaceX, GO, Dajin, Merdeka Gold, DSC, WT Micro, JD Industrial

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

DSC Holdings (DSC): China Based AI App for Used Car Dealers Sets Terms for IPO

​DSC Holdings IPO targets $1.3-$1.5 billion market cap. They are a used-car dealer operating systems, but investor demand may be limited by anchor...

IPO Boutique

DSC Holdings (DSC): Peeking at the IPO Prospectus of a China, AI App for Used Car Dealers Company

​China's DSC Holdings dominates dealer management systems with AI-driven platform, files for IPO to expand in growing used-car market.

IPO Boutique

Aequitas: DSC Holdings Pre-IPO - Lacks Growth And Profitability

​DSC Holdings plans to raise $100m in US IPO, providing digital services to China's used car industry. Analysis of past performance included.

Hong Jie Seow

Aequitas ECM Weekly (15 June 2026) - SpaceX, GO, Lingyi, Nexchip, SG Micro, Semi-Tech, BIWIN, ICICI

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas ECM Weekly (8 June 2026) - SpaceX, GO, Dajin, Merdeka Gold, DSC, WT Micro, JD Industrial

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

DSC Holdings IPO targets $1.3-$1.5 billion market cap. They are a used-car dealer operating systems, but investor demand may be limited by anchor...

China's DSC Holdings dominates dealer management systems with AI-driven platform, files for IPO to expand in growing used-car market.

DSC Holdings plans to raise $100m in US IPO, providing digital services to China's used car industry. Analysis of past performance included.