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

Institutional-Quality Issuer Sponsored Research, Venn Brown

Venn Brown

Institutional-Quality Issuer Sponsored Research

Venn Brown is a specialist Australian micro and small-cap research house. Our coverage includes health care, information technology, industrials, financials, biotech and consumer/retail.

Equity Bottom-Up

<ul><li>The market responded negatively to Artrya’s 4Q26 cash flows today, closing down -16%.</li><li>While there was some frustration in the delay in realising cash from Tanner and the other foundation partners, the response was overblown and represents a buying opportunity.</li><li> Real-time payment authorisation caused Tanner delay: Today’s frustration stems from the longer-than-expected time to see revenue materialise from AYA’s foundation partners (coupled with further SCF delays).</li></ul>

The market responded negatively to Artrya’s 4Q26 cash flows today, closing down -16%.While there was some frustration in the delay in realising cash from Tanner and the other foundation partners, the response was overblown and represents a buying opportunity. Real-time payment authorisation caused Tanner delay: Today’s frustration stems from the longer-than-expected time to see revenue materialise from AYA’s foundation partners (coupled with further SCF delays).

Artrya (ASX:AYA): Downgrade valuation, but market overraction represents buying opportunity

<ul><li>Tanner has nice things to say Three visiting senior Tanner Health executives joined Artrya's 3Q26 investor call from Melbourne, giving investors a rare firsthand account of the Salix platform from a paying customer.</li><li>The feedback was overwhelmingly positive.</li><li>CT technician processing time has fallen from 40 to 20 minutes; cardiologists report 50–80% faster read times per case.</li></ul>

Tanner has nice things to say Three visiting senior Tanner Health executives joined Artrya's 3Q26 investor call from Melbourne, giving investors a rare firsthand account of the Salix platform from a paying customer.The feedback was overwhelmingly positive.CT technician processing time has fallen from 40 to 20 minutes; cardiologists report 50–80% faster read times per case.

Artray (ASX:AYA): Positive customer feedback with scan volumes growing 200%/mth; SAPPHIRE study to kick off in July; Appoints former Pro Medicus CFO as new CFO

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>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

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Heartflow Inc., a commercial-stage medical technology company that has pioneered the use of software and AI for diagnosing and managing CAD, is expected to IPO this week.</li>
<li>Heartflow is marketing the sale of ~16.7M shares at $17-$18 per share in upsized initial public offering in the United States.</li>
<li>I believe current IPO valuation range appears to capture much of the near- to mid-term upside potential. Moreover, I’m concerned about the lack of profitability and mounting losses.</li>
</ul>


Heartflow Inc., a commercial-stage medical technology company that has pioneered the use of software and AI for diagnosing and managing CAD, is expected to IPO this week.
Heartflow is marketing the sale of ~16.7M shares at $17-$18 per share in upsized initial public offering in the United States.
I believe current IPO valuation range appears to capture much of the near- to mid-term upside potential. Moreover, I’m concerned about the lack of profitability and mounting losses.


Heartflow IPO: Mounting Losses, ~99% Revenue Concentration From a Single Product

United States

Heartflow, Inc. operates as a medical technology company. The Company develops an AI-driven coronary artery disease management platform that creates personalized, precision 3D model of the heart from a single computed tomography scan. HeartFlow serves patients and customers worldwide.

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Heartflow (HTFL US)

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

Artrya (ASX:AYA): Downgrade valuation, but market overraction represents buying opportunity

The market responded negatively to Artrya’s 4Q26 cash flows today, closing down -16%. While there was some frustration in the delay in realising...

Venn Brown

Artray (ASX:AYA): Positive customer feedback with scan volumes growing 200%/mth; SAPPHIRE study to kick off in July; Appoints former Pro Medicus CFO as new CFO

Tanner has nice things to say Three visiting senior Tanner Health executives joined Artrya's 3Q26 investor call from Melbourne, giving investors a...

Venn Brown

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

Heartflow IPO: Mounting Losses, ~99% Revenue Concentration From a Single Product

Heartflow Inc., a provider of AI-powered scalable software platform for diagnosing and managing CAD, set to IPO this week. In my insight, I...

Andrei Zakharov

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52-week Range

Market Cap (USDm)

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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

Artrya (ASX:AYA): Downgrade valuation, but market overraction represents buying opportunity

The market responded negatively to Artrya’s 4Q26 cash flows today, closing down -16%. While there was some frustration in the delay in realising...

Venn Brown

Artray (ASX:AYA): Positive customer feedback with scan volumes growing 200%/mth; SAPPHIRE study to kick off in July; Appoints former Pro Medicus CFO as new CFO

Tanner has nice things to say Three visiting senior Tanner Health executives joined Artrya's 3Q26 investor call from Melbourne, giving investors a...

Venn Brown

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

Heartflow IPO: Mounting Losses, ~99% Revenue Concentration From a Single Product

​Heartflow Inc., a provider of AI-powered scalable software platform for diagnosing and managing CAD, set to IPO this week. In my insight, I...

Andrei Zakharov

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,...

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...

Heartflow Inc., a provider of AI-powered scalable software platform for diagnosing and managing CAD, set to IPO this week. In my insight, I...