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>The venture-capital backed company set terms for its IPO on Tuesday. The company will be offering 13.666 million shares at a $28-$32 range equating to a valuation of $2.3b-$2.6b.</li>
<li>Their revenue was $123.8 million and $82.7 million for the three months ended March 31, 2025 and 2024, respectively, representing a year-over-year growth rate of 50%.</li>
<li>This IPO is checking the boxes in terms of growth and the valuation comes at a significant discount to a previous funding round making the deal attractive for new investors. </li>
</ul>


The venture-capital backed company set terms for its IPO on Tuesday. The company will be offering 13.666 million shares at a $28-$32 range equating to a valuation of $2.3b-$2.6b.
Their revenue was $123.8 million and $82.7 million for the three months ended March 31, 2025 and 2024, respectively, representing a year-over-year growth rate of 50%.
This IPO is checking the boxes in terms of growth and the valuation comes at a significant discount to a previous funding round making the deal attractive for new investors. 


Hinge Health (HNGE): VC Backed Virtual Therapist Company Seeking $2.6b Valuation

<ul>
<li>An early channel check of this deal revealed that the offering is multiple-times oversubscribed with continued 1-on-1 conversions. The books close Monday at 4pm.</li>
<li>The company is targeting the "next generation" of investor with encouraging growth and has the metrics to show they are meaningfully headed in the right direction. </li>
<li>Our sources state that want to be involved with the name and we believe an explosive debut could be on tap for this IPO. </li>
</ul>


An early channel check of this deal revealed that the offering is multiple-times oversubscribed with continued 1-on-1 conversions. The books close Monday at 4pm.
The company is targeting the "next generation" of investor with encouraging growth and has the metrics to show they are meaningfully headed in the right direction. 
Our sources state that want to be involved with the name and we believe an explosive debut could be on tap for this IPO. 


EToro Group Ltd (ETOR): IPO Window Opening Up; Buyers Pour in for Trading Platform

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/etoro-group-limited" target="_blank" data-smartkarma-citation="entities:45002:1" rel="noopener">Etoro Group (ETOR US)</a> is ineligible for US indices due to its US foreign listing and undisclosed geographical breakdown of assets and revenues.</li>
<li>
<a href="https://www.smartkarma.com/entities/etoro-group-limited" target="_blank" data-smartkarma-citation="entities:45002:1" rel="noopener">Etoro Group (ETOR US)</a> is forecasted to be added to Global-F in March <em>2026</em> following the 6-month lock-up expiry which increases public voting rights and float cap above the thresholds.</li>
<li>
<a href="https://www.smartkarma.com/entities/etoro-group-limited" target="_blank" data-smartkarma-citation="entities:45002:1" rel="noopener">Etoro Group (ETOR US)</a> is forecasted to be added to Global-M in August 2025 as there is no voting rights requirement and a lower float cap threshold.</li>
</ul>



Etoro Group (ETOR US) is ineligible for US indices due to its US foreign listing and undisclosed geographical breakdown of assets and revenues.

Etoro Group (ETOR US) is forecasted to be added to Global-F in March 2026 following the 6-month lock-up expiry which increases public voting rights and float cap above the thresholds.

Etoro Group (ETOR US) is forecasted to be added to Global-M in August 2025 as there is no voting rights requirement and a lower float cap threshold.


EToro (ETOR US): Delayed Inclusion to Global Index; Ineligible for US Indices

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>EToro Group Ltd., a social trading platform, sets terms for upcoming IPO in the United States. The online broker offers 10M Class A shares at range of $46.00-$50.00 per share.</li>
<li>At the midpoint of price range, eToro would command a market value of ~$4B on a fully-diluted basis. The selling shareholders offer 5M Class A shares.</li>
<li>BlackRock has indicated a non-binding interest in purchasing up to $100M worth of eToro shares. However, these shares will not be subject to a lock-up agreement.</li>
</ul>


EToro Group Ltd., a social trading platform, sets terms for upcoming IPO in the United States. The online broker offers 10M Class A shares at range of $46.00-$50.00 per share.
At the midpoint of price range, eToro would command a market value of ~$4B on a fully-diluted basis. The selling shareholders offer 5M Class A shares.
BlackRock has indicated a non-binding interest in purchasing up to $100M worth of eToro shares. However, these shares will not be subject to a lock-up agreement.


EToro IPO Valuation: First-Day IPO Pop Is Possible, But The Stock May Struggle To Hold Gains

<ul>
<li>EToro Group Ltd., a social investment network and trading-app provider, plans to raise up to $400M in upcoming US IPO.</li>
<li>Israeli social trading platform was valued at ~$10B during a planned merger with a publicly-listed SPAC in 2022. However, the SPAC deal collapsed.  </li>
<li>EToro launched copy trading services in 2010 and made a big bet on crypto segment. Revenue from cryptoassets accounted for ~96% of total revenue and income in 2024.</li>
</ul>


EToro Group Ltd., a social investment network and trading-app provider, plans to raise up to $400M in upcoming US IPO.
Israeli social trading platform was valued at ~$10B during a planned merger with a publicly-listed SPAC in 2022. However, the SPAC deal collapsed.  
EToro launched copy trading services in 2010 and made a big bet on crypto segment. Revenue from cryptoassets accounted for ~96% of total revenue and income in 2024.


EToro IPO Preview: High Crypto Exposure, CopyTrader Technology Is Not “Deep Tech”

United States

Etoro Group Limited provides fintech solutions. The Company offers a platform that gives traders and investors access to different financial assets, including stocks, cryptocurrencies, ETFs, indices, currencies, and commodities. Etoro Group serves clients worldwide.

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Etoro Group (ETOR US)

Hinge Health (HNGE): VC Backed Virtual Therapist Company Seeking $2.6b Valuation

Venture-backed company sets IPO terms, offering shares at $28-$32 range with $2.3b-$2.6b valuation. Strong revenue growth of 50% year-over-year...

IPO Boutique

EToro Group Ltd (ETOR): IPO Window Opening Up; Buyers Pour in for Trading Platform

Early channel check shows high demand for offering targeting next-gen investors with promising growth metrics. Potentially explosive IPO debut on...

IPO Boutique

EToro (ETOR US): Delayed Inclusion to Global Index; Ineligible for US Indices

ETOR faces exclusion from US indices due to its US foreign listing and inclusion in a global index delayed until March 2026 due to a low float cap...

Dimitris Ioannidis

EToro IPO Valuation: First-Day IPO Pop Is Possible, But The Stock May Struggle To Hold Gains

eToro is expected to IPO next week. In my insight, I discuss IPO valuation, comps groups, operating metrics and key investment risks for eToro...

Andrei Zakharov

EToro IPO Preview: High Crypto Exposure, CopyTrader Technology Is Not “Deep Tech”

Israeli eToro, a multi-asset trading platform with focus on social investing, filed to go public in the U.S. The trading-app provider plans to...

Andrei Zakharov

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Hinge Health (HNGE): VC Backed Virtual Therapist Company Seeking $2.6b Valuation

​Venture-backed company sets IPO terms, offering shares at $28-$32 range with $2.3b-$2.6b valuation. Strong revenue growth of 50% year-over-year...

IPO Boutique

EToro Group Ltd (ETOR): IPO Window Opening Up; Buyers Pour in for Trading Platform

​Early channel check shows high demand for offering targeting next-gen investors with promising growth metrics. Potentially explosive IPO debut on...

IPO Boutique

EToro (ETOR US): Delayed Inclusion to Global Index; Ineligible for US Indices

​ETOR faces exclusion from US indices due to its US foreign listing and inclusion in a global index delayed until March 2026 due to a low float cap...

Dimitris Ioannidis

EToro IPO Valuation: First-Day IPO Pop Is Possible, But The Stock May Struggle To Hold Gains

eToro is expected to IPO next week. In my insight, I discuss IPO valuation, comps groups, operating metrics and key investment risks for eToro...

Andrei Zakharov

EToro IPO Preview: High Crypto Exposure, CopyTrader Technology Is Not “Deep Tech”

Israeli eToro, a multi-asset trading platform with focus on social investing, filed to go public in the U.S. The trading-app provider plans to...

Andrei Zakharov

Venture-backed company sets IPO terms, offering shares at $28-$32 range with $2.3b-$2.6b valuation. Strong revenue growth of 50% year-over-year...

Early channel check shows high demand for offering targeting next-gen investors with promising growth metrics. Potentially explosive IPO debut on...

ETOR faces exclusion from US indices due to its US foreign listing and inclusion in a global index delayed until March 2026 due to a low float cap...