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>Exzeo priced mid-range at $21.00 and traded flat, signaling a disciplined and stable market entrance.</li>
<li>Profitable, zero-debt insurtech spin-off from HCI boasting 50%+ EBITDA margins and $195M ARR.</li>
<li>Expanding beyond 13 states into major markets; poised for sustainable, high-margin growth under proven leadership.</li>
</ul>


Exzeo priced mid-range at $21.00 and traded flat, signaling a disciplined and stable market entrance.
Profitable, zero-debt insurtech spin-off from HCI boasting 50%+ EBITDA margins and $195M ARR.
Expanding beyond 13 states into major markets; poised for sustainable, high-margin growth under proven leadership.


Exzeo Group Inc. (XZO): IPO Opens Flat for the HCI Spin-Off Insurtech

<ul>
<li>Exzeo Group (XZO US), a profitable spin-off from HCI Group, enters the market with exceptional financial discipline under CEO Paresh Patel.</li>
<li>With $195 million in annual recurring revenue, 51.6% EBITDA margins, zero debt, and $75 million in free cash flow, Exzeo stands out as a combination of scale and profitability.</li>
<li>Books are well oversubscribed heading into pricing, with a Thursday debut anticipated. However, Truist Securities’ role as lead left underwriter introduces some execution uncertainty given its limited IPO track record.</li>
</ul>


Exzeo Group (XZO US), a profitable spin-off from HCI Group, enters the market with exceptional financial discipline under CEO Paresh Patel.
With $195 million in annual recurring revenue, 51.6% EBITDA margins, zero debt, and $75 million in free cash flow, Exzeo stands out as a combination of scale and profitability.
Books are well oversubscribed heading into pricing, with a Thursday debut anticipated. However, Truist Securities’ role as lead left underwriter introduces some execution uncertainty given its limited IPO track record.


Exzeo Group, Inc. (XZO): Profitable HCI Spinoff Insurtech Drawing Interest from IPO Investors

<ul>
<li>Exzeo Group (XZO US) is to offer 8 million shares at $20-$22 equating to a valuation of $1.8b-$2.0b and can go public as early as November 5th.</li>
<li>The underwriters have reserved up to 5% of the shares of common stock offered through a directed share program.</li>
<li>This company is a technology arm of HCI and revenue for this company is growing at a very strong pace (80% in 1H 2025). </li>
</ul>


Exzeo Group (XZO US) is to offer 8 million shares at $20-$22 equating to a valuation of $1.8b-$2.0b and can go public as early as November 5th.
The underwriters have reserved up to 5% of the shares of common stock offered through a directed share program.
This company is a technology arm of HCI and revenue for this company is growing at a very strong pace (80% in 1H 2025). 


Exzeo Group, Inc. (XZO): Insurance Technology Platform Sets Terms for IPO; Seeking $2.0b Valuation

<ul>
<li>HCI has announced plans to spin off Exzeo as a standalone entity which is their insurance technology solutions company</li>
<li>Through the Exzeo Platform, they currently provide services in 13 states in which their customers have operations.</li>
<li>They had revenue of $45.6 million, $88.3 million, and $133.9 million and income (loss)  after taxes of ($42.0 million), $12.9 million, and $26.1 million in 2022, 2023, and 2024, respectively.</li>
</ul>


HCI has announced plans to spin off Exzeo as a standalone entity which is their insurance technology solutions company
Through the Exzeo Platform, they currently provide services in 13 states in which their customers have operations.
They had revenue of $45.6 million, $88.3 million, and $133.9 million and income (loss)  after taxes of ($42.0 million), $12.9 million, and $26.1 million in 2022, 2023, and 2024, respectively.


Exzeo Group, Inc. (XZO): Peeking at the IPO Prospectus of an Insurance Technology Platform Company

United States

Exzeo Group, Inc. provides insurance technology and operations solutions. The Company offers a platform for all operational and administrative activities and functions, including quoting and underwriting, policy and claims processing management, and data and financial reporting. Exzeo Group serves insurance companies in the United States.

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Exzeo Group (XZO US)

Exzeo Group Inc. (XZO): IPO Opens Flat for the HCI Spin-Off Insurtech

Exzeo, a profitable insurtech spin-off from HCI, enters the market with disciplined pricing and stable trading, poised for sustainable growth in...

IPO Boutique

Exzeo Group, Inc. (XZO): Profitable HCI Spinoff Insurtech Drawing Interest from IPO Investors

Profitable spin-off Exzeo Group, led by CEO Paresh Patel, impresses with strong financials and high demand for IPO debut.

IPO Boutique

Exzeo Group, Inc. (XZO): Insurance Technology Platform Sets Terms for IPO; Seeking $2.0b Valuation

Exzeo Group plans to go public with 8 million shares at $20-$22, valued at $1.8b-$2.0b, with strong revenue growth of 80% in 1H 2025. Directed...

IPO Boutique

Exzeo Group, Inc. (XZO): Peeking at the IPO Prospectus of an Insurance Technology Platform Company

HCI to spin off Exzeo as standalone entity, their insurance tech solutions company, with revenue and income growth projections for 2022-2024.

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Exzeo Group Inc. (XZO): IPO Opens Flat for the HCI Spin-Off Insurtech

​Exzeo, a profitable insurtech spin-off from HCI, enters the market with disciplined pricing and stable trading, poised for sustainable growth in...

IPO Boutique

Exzeo Group, Inc. (XZO): Profitable HCI Spinoff Insurtech Drawing Interest from IPO Investors

​Profitable spin-off Exzeo Group, led by CEO Paresh Patel, impresses with strong financials and high demand for IPO debut.

IPO Boutique

Exzeo Group, Inc. (XZO): Insurance Technology Platform Sets Terms for IPO; Seeking $2.0b Valuation

​Exzeo Group plans to go public with 8 million shares at $20-$22, valued at $1.8b-$2.0b, with strong revenue growth of 80% in 1H 2025. Directed...

IPO Boutique

Exzeo Group, Inc. (XZO): Peeking at the IPO Prospectus of an Insurance Technology Platform Company

​HCI to spin off Exzeo as standalone entity, their insurance tech solutions company, with revenue and income growth projections for 2022-2024.

IPO Boutique

Exzeo, a profitable insurtech spin-off from HCI, enters the market with disciplined pricing and stable trading, poised for sustainable growth in...

Profitable spin-off Exzeo Group, led by CEO Paresh Patel, impresses with strong financials and high demand for IPO debut.

Exzeo Group plans to go public with 8 million shares at $20-$22, valued at $1.8b-$2.0b, with strong revenue growth of 80% in 1H 2025. Directed...

HCI to spin off Exzeo as standalone entity, their insurance tech solutions company, with revenue and income growth projections for 2022-2024.