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

York Space Systems / Equity Capital Markets

<ul>
<li>York Space Systems (YSS US) revenues surged 59% in nine months, leveraging momentum and investor interest ahead of its late-January IPO.</li>
<li>The company plans to raise over $500 million, targeting a $4 billion valuation, with AE Industrial Partners maintaining a significant stake post-IPO.</li>
<li>Vertically integrated, cost-efficient, and technologically advanced, York leads the DoD’s PWSA program, offering scalable satellite platforms, mission services, and recurring revenue streams.</li>
</ul>


York Space Systems (YSS US) revenues surged 59% in nine months, leveraging momentum and investor interest ahead of its late-January IPO.
The company plans to raise over $500 million, targeting a $4 billion valuation, with AE Industrial Partners maintaining a significant stake post-IPO.
Vertically integrated, cost-efficient, and technologically advanced, York leads the DoD’s PWSA program, offering scalable satellite platforms, mission services, and recurring revenue streams.


York Space Station (YSS): Space & Defense Company Sets Terms for IPO Seeking North of $4b Valuation

StubHub Holdings / Equity Capital Markets

<ul>
<li>The company priced a full-size offering of 34.04 million shares at $23.50, the midpoint of the $22–$25 range, raising more than $750 million.</li>
<li>Shares opened at $25.35, a 7.8% premium to the issue price, but that initial pop quickly evaporated. The stock closed its opening session at $22.00.</li>
<li>Over the next 30 days, we expect investors to remain cautious, with many likely trimming exposure until upcoming quarterly results offer greater clarity.</li>
</ul>


The company priced a full-size offering of 34.04 million shares at $23.50, the midpoint of the $22–$25 range, raising more than $750 million.
Shares opened at $25.35, a 7.8% premium to the issue price, but that initial pop quickly evaporated. The stock closed its opening session at $22.00.
Over the next 30 days, we expect investors to remain cautious, with many likely trimming exposure until upcoming quarterly results offer greater clarity.


StubHub Holdings (STUB): Strong Open, Quick Retreat as Debt and Flipping Pressure Loom

<ul>
<li>The specialist in missile defense and space systems, priced its upsized 23.0 million share offering at $22.00—$2.00 above the marketed range—and opened at $30.00 for a 36.3% gain.</li>
<li>The company completed a follow-on offering on July 24th, selling 21 million shares (upsized from 20 million) at $49.00.</li>
<li>With a successful follow-on behind it, better-than-expected results, and a robust cash position, Karman has set the benchmark for how to execute a space and defense IPO in 2025.</li>
</ul>


The specialist in missile defense and space systems, priced its upsized 23.0 million share offering at $22.00—$2.00 above the marketed range—and opened at $30.00 for a 36.3% gain.
The company completed a follow-on offering on July 24th, selling 21 million shares (upsized from 20 million) at $49.00.
With a successful follow-on behind it, better-than-expected results, and a robust cash position, Karman has set the benchmark for how to execute a space and defense IPO in 2025.


Karman Holdings Inc.(KRMN) Six Month Summary: A Model Debut That Opened the Door for Moonshots

<ul>
<li>Shares opened with a 47.3% gain and quickly surged to $31.50 before settling into a stable trading range for most of the session.</li>
<li>The price range itself had been lifted from the initial $15–$17, underscoring the strength of investor demand.</li>
<li>The order book ultimately finished 20-times oversubscribed, driven by sizable long-only conversions and strong interest from healthcare-dedicated funds.</li>
</ul>


Shares opened with a 47.3% gain and quickly surged to $31.50 before settling into a stable trading range for most of the session.
The price range itself had been lifted from the initial $15–$17, underscoring the strength of investor demand.
The order book ultimately finished 20-times oversubscribed, driven by sizable long-only conversions and strong interest from healthcare-dedicated funds.


HeartFlow Inc. (HTFL): Healthcare AI IPO Opens Strong, Trades Steady on Heavy Demand

Firefly Aerospace / Equity Capital Markets

<ul>
<li>Firefly Aerospace (FLY US) priced 19.3 million shares (upsized from 16.2 million) at $45.00, which came in $2 above an already upwardly-revised $41–$43 range.</li>
<li>The stock opened Thursday at $70.00, for a +55.6% gain at first trade, and hit an intraday high of $73.80, marking a +64.0% gain from the IPO price.</li>
<li>Traders that were looking to capture “lightning in a bottle” may be licking wounds today with a steady dose of selling on day one. </li>
</ul>


Firefly Aerospace (FLY US) priced 19.3 million shares (upsized from 16.2 million) at $45.00, which came in $2 above an already upwardly-revised $41–$43 range.
The stock opened Thursday at $70.00, for a +55.6% gain at first trade, and hit an intraday high of $73.80, marking a +64.0% gain from the IPO price.
Traders that were looking to capture “lightning in a bottle” may be licking wounds today with a steady dose of selling on day one. 


Firefly Aerospace Inc. (FLY): Moonshot IPO That Burned Hot, Then Fizzled to 34% Returns at Close

United States

Firefly Aerospace develops small- and medium-lift launch vehicles for commercial launches to orbit, including the Alpha rocket and Eclipse launch vehicle. The company also offers lunar landers (Blue Ghost) and orbital transfer vehicles (Elytra) for end-to-end space missions, providing integrated launch, lunar delivery, and in-space mobility services. Firefly Aerospace is headquartered in Cedar Park, Texas, and was formed in March 2017.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Firefly Aerospace (FLY US)

York Space Station (YSS): Space & Defense Company Sets Terms for IPO Seeking North of $4b Valuation

York Space Systems sees 59% revenue surge, plans $500 million IPO with $4 billion valuation, maintaining partnership with AE Industrial Partners.

IPO Boutique

StubHub Holdings (STUB): Strong Open, Quick Retreat as Debt and Flipping Pressure Loom

Company raises over $750 million in IPO, but stock price quickly drops after initial pop, leaving investors cautious for next 30 days.

IPO Boutique

Karman Holdings Inc.(KRMN) Six Month Summary: A Model Debut That Opened the Door for Moonshots

Karman sets the benchmark for successful space and defense IPO with upsized offerings and strong market debut in its first six months as a public...

IPO Boutique

HeartFlow Inc. (HTFL): Healthcare AI IPO Opens Strong, Trades Steady on Heavy Demand

Stock of company X opened at 47.3% gain, reaching $31.50, showing strong investor demand with a 20-times oversubscribed order book and interest...

IPO Boutique

Firefly Aerospace Inc. (FLY): Moonshot IPO That Burned Hot, Then Fizzled to 34% Returns at Close

Firefly Aerospace IPO prices at $45 per share, opens at $70 (+55.6%), hits high of $73.80 (+64.0%), but experiences selling pressure on day one.

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

York Space Station (YSS): Space & Defense Company Sets Terms for IPO Seeking North of $4b Valuation

​York Space Systems sees 59% revenue surge, plans $500 million IPO with $4 billion valuation, maintaining partnership with AE Industrial Partners.

IPO Boutique

StubHub Holdings (STUB): Strong Open, Quick Retreat as Debt and Flipping Pressure Loom

​Company raises over $750 million in IPO, but stock price quickly drops after initial pop, leaving investors cautious for next 30 days.

IPO Boutique

Karman Holdings Inc.(KRMN) Six Month Summary: A Model Debut That Opened the Door for Moonshots

​Karman sets the benchmark for successful space and defense IPO with upsized offerings and strong market debut in its first six months as a public...

IPO Boutique

HeartFlow Inc. (HTFL): Healthcare AI IPO Opens Strong, Trades Steady on Heavy Demand

​Stock of company X opened at 47.3% gain, reaching $31.50, showing strong investor demand with a 20-times oversubscribed order book and interest...

IPO Boutique

Firefly Aerospace Inc. (FLY): Moonshot IPO That Burned Hot, Then Fizzled to 34% Returns at Close

​Firefly Aerospace IPO prices at $45 per share, opens at $70 (+55.6%), hits high of $73.80 (+64.0%), but experiences selling pressure on day one.

IPO Boutique

York Space Systems sees 59% revenue surge, plans $500 million IPO with $4 billion valuation, maintaining partnership with AE Industrial Partners.

Company raises over $750 million in IPO, but stock price quickly drops after initial pop, leaving investors cautious for next 30 days.

Karman sets the benchmark for successful space and defense IPO with upsized offerings and strong market debut in its first six months as a public...

Stock of company X opened at 47.3% gain, reaching $31.50, showing strong investor demand with a 20-times oversubscribed order book and interest...

Firefly Aerospace IPO prices at $45 per share, opens at $70 (+55.6%), hits high of $73.80 (+64.0%), but experiences selling pressure on day one.