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>Heartflow seeks to deliver a more accurate and clinically effective non-invasive solution for diagnosing and managing coronary artery disease.</li>
<li>As of March 31, 2025, their Heartflow Platform has been used to assess CAD in more than 400,000 patients, including 132,000 in 2024 alone.</li>
<li>They had revenue of $87.2 million and $125.9 million and net loss of $95.7 million and $96.4 million in 2023 and 2024, respectively.</li>
</ul>


Heartflow seeks to deliver a more accurate and clinically effective non-invasive solution for diagnosing and managing coronary artery disease.
As of March 31, 2025, their Heartflow Platform has been used to assess CAD in more than 400,000 patients, including 132,000 in 2024 alone.
They had revenue of $87.2 million and $125.9 million and net loss of $95.7 million and $96.4 million in 2023 and 2024, respectively.


HeartFlow Inc. (HTFL): Peeking at the IPO Prospectus of Coronary Artery Disease Patient Care Company

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

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

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)

HeartFlow Inc. (HTFL): Peeking at the IPO Prospectus of Coronary Artery Disease Patient Care Company

Heartflow's non-invasive solution for diagnosing coronary artery disease has been used in over 400,000 patients, with significant revenue and net...

IPO Boutique

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

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HeartFlow Inc. (HTFL): Peeking at the IPO Prospectus of Coronary Artery Disease Patient Care Company

​Heartflow's non-invasive solution for diagnosing coronary artery disease has been used in over 400,000 patients, with significant revenue and net...

IPO Boutique

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

Heartflow's non-invasive solution for diagnosing coronary artery disease has been used in over 400,000 patients, with significant revenue and net...

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,...