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

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?

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.

Equity Bottom-Up

<ul><li>Duolingo recently released its financial results for the first quarter of 2025.</li><li>The company demonstrated strong performance across several key metrics, despite facing some uncertainties and competitive challenges.</li><li>From a financial standpoint, Duolingo's first quarter results showed a robust year-over-year increase in daily active users (DAUs), with a growth rate of 49%.</li></ul>

Duolingo recently released its financial results for the first quarter of 2025.The company demonstrated strong performance across several key metrics, despite facing some uncertainties and competitive challenges.From a financial standpoint, Duolingo's first quarter results showed a robust year-over-year increase in daily active users (DAUs), with a growth rate of 49%.

Duolingo: Why Are They Diversifying Into Different Learning Areas to Broaden Its Educational Portfolio!

<ul><li>Duolingo, Inc., creators of the popular language-learning app, reported their financial results for the fourth quarter and full year of 2024.</li><li>The company demonstrated noteworthy growth across several key metrics, but also highlighted challenges requiring attention.</li><li>Since its initial public offering (IPO) 3.5 years ago, Duolingo significantly increased its user base and financial metrics, recording an impressive rise in daily and monthly active users by 30 million and 80 million, respectively.</li></ul>

Duolingo, Inc., creators of the popular language-learning app, reported their financial results for the fourth quarter and full year of 2024.The company demonstrated noteworthy growth across several key metrics, but also highlighted challenges requiring attention.Since its initial public offering (IPO) 3.5 years ago, Duolingo significantly increased its user base and financial metrics, recording an impressive rise in daily and monthly active users by 30 million and 80 million, respectively.

Duolingo’s Diversified Offerings: Duolingo Free

<ul><li>Duolingo has made headlines recently with a sharp rise in users flocking to its Mandarin courses.</li><li>This surge coincides with a wave of U.S. users abandoning TikTok amidst uncertainty about its future, following potential bans discussed by the U.S. Supreme Court.</li><li>As TikTok users migrate to RedNote (Xiaohongshu), a Chinese social media app, interest in Mandarin has grown significantly, contributing to a 216% year-over-year increase in Mandarin learners on Duolingo.</li></ul>

Duolingo has made headlines recently with a sharp rise in users flocking to its Mandarin courses.This surge coincides with a wave of U.S. users abandoning TikTok amidst uncertainty about its future, following potential bans discussed by the U.S. Supreme Court.As TikTok users migrate to RedNote (Xiaohongshu), a Chinese social media app, interest in Mandarin has grown significantly, contributing to a 216% year-over-year increase in Mandarin learners on Duolingo.

Duolingo’s TikTok-Fueled Surge: A Golden Opportunity or Fading Trend?

United States

Duolingo, Inc. designs and develops mobile learning platform. The Company teaches students a foreign language while simultaneously contributing to translate real-world content from the web. Duolingo serves students worldwide.

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Duolingo (DUOL 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

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

Duolingo: Why Are They Diversifying Into Different Learning Areas to Broaden Its Educational Portfolio!

Duolingo recently released its financial results for the first quarter of 2025. The company demonstrated strong performance across several key...

Baptista Research

Duolingo’s Diversified Offerings: Duolingo Free

Duolingo, Inc., creators of the popular language-learning app, reported their financial results for the fourth quarter and full year of 2024. The...

Baptista Research

Duolingo’s TikTok-Fueled Surge: A Golden Opportunity or Fading Trend?

Duolingo has made headlines recently with a sharp rise in users flocking to its Mandarin courses. This surge coincides with a wave of U.S. users...

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

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

Duolingo: Why Are They Diversifying Into Different Learning Areas to Broaden Its Educational Portfolio!

Duolingo recently released its financial results for the first quarter of 2025. The company demonstrated strong performance across several key...

Baptista Research

Duolingo’s Diversified Offerings: Duolingo Free

Duolingo, Inc., creators of the popular language-learning app, reported their financial results for the fourth quarter and full year of 2024. The...

Baptista Research

Duolingo’s TikTok-Fueled Surge: A Golden Opportunity or Fading Trend?

Duolingo has made headlines recently with a sharp rise in users flocking to its Mandarin courses. This surge coincides with a wave of U.S. users...

Baptista Research

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