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>Figma reported solid financial results for the second quarter of 2026, demonstrating continued revenue growth and strategic progress in AI monetization and product innovation.</li><li>The company generated $370 million in revenue, reflecting a 48% year-over-year increase and marking the third consecutive quarter of accelerated growth.</li><li>This revenue expansion was accompanied by a strong net dollar retention rate of 136% among paid customers with more than $10,000 in annual recurring revenue (ARR), alongside growth in this customer segment (34% year-over-year) and in larger customers with over $100,000 ARR (46% year-over-year).</li></ul>

Figma reported solid financial results for the second quarter of 2026, demonstrating continued revenue growth and strategic progress in AI monetization and product innovation.The company generated $370 million in revenue, reflecting a 48% year-over-year increase and marking the third consecutive quarter of accelerated growth.This revenue expansion was accompanied by a strong net dollar retention rate of 136% among paid customers with more than $10,000 in annual recurring revenue (ARR), alongside growth in this customer segment (34% year-over-year) and in larger customers with over $100,000 ARR (46% year-over-year).

Figma’s AI Monetization Breakthrough: Can 48% Revenue Growth Keep Accelerating?

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Figma reported Q2 2026 revenues of $370.1 million, up 48% YoY and up 11.0% sequentially from $333.4 million in Q1 2026.</li>
<li>Gross margin expanded 250 basis points sequentially to 85% non-GAAP, which management attributed directly to the first full quarter of AI credit revenue. </li>
<li>Despite the beat-and-raise report, Figma's share price fell ~15% on the news. Investors still remain to be convinced that their AI monetization strategy can really succeed in the long term.</li>
</ul>


Figma reported Q2 2026 revenues of $370.1 million, up 48% YoY and up 11.0% sequentially from $333.4 million in Q1 2026.
Gross margin expanded 250 basis points sequentially to 85% non-GAAP, which management attributed directly to the first full quarter of AI credit revenue. 
Despite the beat-and-raise report, Figma's share price fell ~15% on the news. Investors still remain to be convinced that their AI monetization strategy can really succeed in the long term.


Figma Q2 2026. Is The Writing On The Wall?

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

Alliance Laundry Holdings / Index Rebalance

<ul>
<li>All eligible US IPOs that went public from 1 August to 31 October will get added to a major US index in December 2025.</li>
<li>The largest forecasted IPO additions in terms of market cap are <a href="https://www.smartkarma.com/entities/bullish-us-llc" target="_blank" data-smartkarma-citation="entities:45521:1" rel="noopener">Bullish US (BLSH US)</a>, <a href="https://www.smartkarma.com/entities/ft-intermediate-inc" target="_blank" data-smartkarma-citation="entities:45672:1" rel="noopener">FT Intermediate (FIGR US)</a> and <a href="https://www.smartkarma.com/entities/fermi-llc" target="_blank" data-smartkarma-citation="entities:45788:1" rel="noopener">Fermi (FRMI US)</a>.</li>
<li>The largest forecasted IPO additions in terms of passive fund impact include <a href="https://www.smartkarma.com/entities/legence-corp" target="_blank" data-smartkarma-citation="entities:45669:1" rel="noopener">Legence (LGN US)</a>, <a href="https://www.smartkarma.com/entities/via-transportation-inc" target="_blank" data-smartkarma-citation="entities:45670:1" rel="noopener">Via Transportation (VIA US)</a> and <a href="https://www.smartkarma.com/entities/avidia-bancorp-inc" target="_blank" data-smartkarma-citation="entities:46007:1" rel="noopener">Avidia Bancorp (AVBC US)</a>.</li>
</ul>


All eligible US IPOs that went public from 1 August to 31 October will get added to a major US index in December 2025.
The largest forecasted IPO additions in terms of market cap are Bullish US (BLSH US), FT Intermediate (FIGR US) and Fermi (FRMI US).
The largest forecasted IPO additions in terms of passive fund impact include Legence (LGN US), Via Transportation (VIA US) and Avidia Bancorp (AVBC US).


US: 19 IPOs Forecasted for Index Addition in December 2025

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>Bullish US (BLSH US) priced its upsized IPO of 30.0 million shares at $37.00, which was $4 above the already upwardly revised $32–$33 range.</li>
<li>The stock opened at $90.00, marking a +143.2% gain at first trade, and cementing one of the largest opening day premiums for a U.S. IPO this year.</li>
<li>The debut pop places Bullish among the standout IPOs of 2025, but the question will be whether the stock can maintain momentum in the aftermarket.</li>
</ul>


Bullish US (BLSH US) priced its upsized IPO of 30.0 million shares at $37.00, which was $4 above the already upwardly revised $32–$33 range.
The stock opened at $90.00, marking a +143.2% gain at first trade, and cementing one of the largest opening day premiums for a U.S. IPO this year.
The debut pop places Bullish among the standout IPOs of 2025, but the question will be whether the stock can maintain momentum in the aftermarket.


Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops

<ul>
<li>
<a href="https://www.smartkarma.com/entities/figma-inc" target="_blank" data-smartkarma-citation="entities:45422:1" rel="noopener">Figma (FIG US)</a> targets a valuation of $13.7bn, aiming to raise $1.2bn given it reaches the top of its pricing range.</li>
<li>Inclusion in US and Global indices is delayed until 2026 due to failing free float and public voting rights eligibility before lock-up expiries.</li>
<li>
<a href="https://www.smartkarma.com/entities/figma-inc" target="_blank" data-smartkarma-citation="entities:45422:1" rel="noopener">Figma (FIG US)</a> is expected to be added to US TMI at the September 2025 review.</li>
</ul>



Figma (FIG US) targets a valuation of $13.7bn, aiming to raise $1.2bn given it reaches the top of its pricing range.
Inclusion in US and Global indices is delayed until 2026 due to failing free float and public voting rights eligibility before lock-up expiries.

Figma (FIG US) is expected to be added to US TMI at the September 2025 review.


Figma (FIG US): Delayed US & Global Index Inclusion Despite Aimed $13.7B Valuation

United States

Figma, Inc. provides software solutions. The Company offers a browser-based platform for developers, product managers, and marketers which helps them with user interface designing, prototyping, and collaboration. Figma serves customers in the United States.

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Figma (FIG US)

Figma’s AI Monetization Breakthrough: Can 48% Revenue Growth Keep Accelerating?

Figma reported solid financial results for the second quarter of 2026, demonstrating continued revenue growth and strategic progress in AI...

Baptista Research

Figma Q2 2026. Is The Writing On The Wall?

Despite the beat-and-raise report, Figma's share price fell ~15% on the news. Investors still remain to be convinced that their AI monetization...

William Keating

US: 19 IPOs Forecasted for Index Addition in December 2025

Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

Dimitris Ioannidis

Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops

Bullish US IPO soars with +143.2% gain at opening, among top debuts of 2025 with the deal finishing north of 20-times oversubscribed.

IPO Boutique

Figma (FIG US): Delayed US & Global Index Inclusion Despite Aimed $13.7B Valuation

Figma failed fast-entry to US-S TMI (snp) and US-C (crisp) despite price rally of 270% due to free float being below 10% excluding the greenshoe....

Dimitris Ioannidis

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Figma’s AI Monetization Breakthrough: Can 48% Revenue Growth Keep Accelerating?

Figma reported solid financial results for the second quarter of 2026, demonstrating continued revenue growth and strategic progress in AI...

Baptista Research

Figma Q2 2026. Is The Writing On The Wall?

Despite the beat-and-raise report, Figma's share price fell ~15% on the news. Investors still remain to be convinced that their AI monetization...

William Keating

US: 19 IPOs Forecasted for Index Addition in December 2025

​Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

Dimitris Ioannidis

Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops

​Bullish US IPO soars with +143.2% gain at opening, among top debuts of 2025 with the deal finishing north of 20-times oversubscribed.

IPO Boutique

Figma (FIG US): Delayed US & Global Index Inclusion Despite Aimed $13.7B Valuation

Figma failed fast-entry to US-S TMI (snp) and US-C (crisp) despite price rally of 270% due to free float being below 10% excluding the greenshoe....

Dimitris Ioannidis

Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

Bullish US IPO soars with +143.2% gain at opening, among top debuts of 2025 with the deal finishing north of 20-times oversubscribed.