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 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

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Firefly Aerospace (FLY US)

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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...