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>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

<ul>
<li>HeartFlow is offering 12.5 million shares at a $15-$17 range which equates to a valuation of around $1.32 billion. </li>
<li>According to guidance the deal is being classified as oversubscribed with early long-only and healthcare dedicated conversions. </li>
<li>Combine durable revenues, strong underwriting and backers with a tailwind from a healthcare segment with a touch of AI, it is our opinion that this IPO will be well-received.</li>
</ul>


HeartFlow is offering 12.5 million shares at a $15-$17 range which equates to a valuation of around $1.32 billion. 
According to guidance the deal is being classified as oversubscribed with early long-only and healthcare dedicated conversions. 
Combine durable revenues, strong underwriting and backers with a tailwind from a healthcare segment with a touch of AI, it is our opinion that this IPO will be well-received.


HeartFlow Inc. (HTFL): Revenue Growth, Strong Margin Profile Highlights IPO Bull Case

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>HeartFlow submitted its prospectus, targeting a valuation of up to US$1.32 billion in US IPO. Heartflow is seeking up to US$212.5 million by offering 12.5 million shares priced between US$15-17/share.</li>
<li>HeartFlow’s moat includes a first-mover advantage, medical insurance network, and ecological cooperation with equipment manufacturers. However, the accuracy of its products is slightly inferior to that of similar Chinese products.</li>
<li>Our forecast is revenue to up 35% YoY/30% YoY/25% YoY in 2025/2026/2027. HeartFlow may achieve breakeven in 2027. Comfortable valuation could be P/S of 7-9x if based on 2025E revenue.</li>
</ul>


HeartFlow submitted its prospectus, targeting a valuation of up to US$1.32 billion in US IPO. Heartflow is seeking up to US$212.5 million by offering 12.5 million shares priced between US$15-17/share.
HeartFlow’s moat includes a first-mover advantage, medical insurance network, and ecological cooperation with equipment manufacturers. However, the accuracy of its products is slightly inferior to that of similar Chinese products.
Our forecast is revenue to up 35% YoY/30% YoY/25% YoY in 2025/2026/2027. HeartFlow may achieve breakeven in 2027. Comfortable valuation could be P/S of 7-9x if based on 2025E revenue.


Pre-IPO Heartflow (HTFL US - Thoughts on the Business and Valuation Outlook

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

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

HeartFlow Inc. (HTFL): Revenue Growth, Strong Margin Profile Highlights IPO Bull Case

HeartFlow plans to offer 12.5 million shares at a $15-$17 range. The IPO is expected to be oversubscribed, backed by strong underwriting and a...

IPO Boutique

Pre-IPO Heartflow (HTFL US - Thoughts on the Business and Valuation Outlook

Heartflow is seeking $212.5mn by offering 12.5mn shares priced between $15-17.Revenue forecasted to grow steadily, potential breakeven in...

Xinyao (Criss) Wang

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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

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

HeartFlow Inc. (HTFL): Revenue Growth, Strong Margin Profile Highlights IPO Bull Case

​HeartFlow plans to offer 12.5 million shares at a $15-$17 range. The IPO is expected to be oversubscribed, backed by strong underwriting and a...

IPO Boutique

Pre-IPO Heartflow (HTFL US - Thoughts on the Business and Valuation Outlook

Heartflow is seeking $212.5mn by offering 12.5mn shares priced between $15-17.Revenue forecasted to grow steadily, potential breakeven in...

Xinyao (Criss) Wang

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...

HeartFlow plans to offer 12.5 million shares at a $15-$17 range. The IPO is expected to be oversubscribed, backed by strong underwriting and a...