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 venture-capital backed company set terms for its IPO and will be seeking a valuation cut of more than 50% from its 2021 peak.</li>
<li>Their revenue was $123.8 million and $82.7 million for the three months ended March 31, 2025 and 2024, respectively, representing a year-over-year growth rate of 50%.</li>
<li>This IPO has gained a substantial amount of orders as the underwriters are classifying the books as multiple-times oversubscribed. </li>
</ul>


The venture-capital backed company set terms for its IPO and will be seeking a valuation cut of more than 50% from its 2021 peak.
Their revenue was $123.8 million and $82.7 million for the three months ended March 31, 2025 and 2024, respectively, representing a year-over-year growth rate of 50%.
This IPO has gained a substantial amount of orders as the underwriters are classifying the books as multiple-times oversubscribed. 


Hinge Health (HNGE): Growth Surging into IPO, Valuation at Major Discount to 2021 Peak

<ul>
<li>Omada delivers virtual care between doctor’s visits, providing an engaging, personalized, and integrated experience for their members that is designed to improve their health</li>
<li>Revenue increased by 38% from $122.8 million to $169.8 million for the years ended December 31, 2023 and 2024, respectively.</li>
<li>The company's last funding round, Series E (February 2022), secured $192 million in a round led by Fidelity Management &amp; Research with a valuation north of $1bn.</li>
</ul>


Omada delivers virtual care between doctor’s visits, providing an engaging, personalized, and integrated experience for their members that is designed to improve their health
Revenue increased by 38% from $122.8 million to $169.8 million for the years ended December 31, 2023 and 2024, respectively.
The company's last funding round, Series E (February 2022), secured $192 million in a round led by Fidelity Management &amp; Research with a valuation north of $1bn.


Omada Health (OMDA): Virtual Healthcare Provider for Chronic Conditions Filed for IPO

<ul>
<li>The venture-capital backed company set terms for its IPO on Tuesday. The company will be offering 13.666 million shares at a $28-$32 range equating to a valuation of $2.3b-$2.6b.</li>
<li>Their revenue was $123.8 million and $82.7 million for the three months ended March 31, 2025 and 2024, respectively, representing a year-over-year growth rate of 50%.</li>
<li>This IPO is checking the boxes in terms of growth and the valuation comes at a significant discount to a previous funding round making the deal attractive for new investors. </li>
</ul>


The venture-capital backed company set terms for its IPO on Tuesday. The company will be offering 13.666 million shares at a $28-$32 range equating to a valuation of $2.3b-$2.6b.
Their revenue was $123.8 million and $82.7 million for the three months ended March 31, 2025 and 2024, respectively, representing a year-over-year growth rate of 50%.
This IPO is checking the boxes in terms of growth and the valuation comes at a significant discount to a previous funding round making the deal attractive for new investors. 


Hinge Health (HNGE): VC Backed Virtual Therapist Company Seeking $2.6b Valuation

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>MNTN, Inc. (pronounced "mountain"), leader in OTT advertising software and first mover of PTV in the United States, filed to go public.</li>
<li>Founder-Led adtech company was backed by Fidelity, BlackRock, Greycroft, SV Angel, Qualcomm Ventures, and Baroda Ventures, among others.</li>
<li>I like the company’s leadership position,  high growth, FCF positive business and $60B+ near-term market opportunity centering around SMBs in the United States.</li>
</ul>


MNTN, Inc. (pronounced "mountain"), leader in OTT advertising software and first mover of PTV in the United States, filed to go public.
Founder-Led adtech company was backed by Fidelity, BlackRock, Greycroft, SV Angel, Qualcomm Ventures, and Baroda Ventures, among others.
I like the company’s leadership position,  high growth, FCF positive business and $60B+ near-term market opportunity centering around SMBs in the United States.


MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

SmartStop Self Storage REIT / Equity Capital Markets

<ul>
<li>SmartStop priced a full-size deal of 27.0mm shares at $30.00 and opened for trading at $32.40 for a gain of 8% at first trade.</li>
<li>The offering finished five-times oversubscribed with the underwriter stating that the deal had sizable participation from long-only and REIT-dedicated accounts.</li>
<li>A low-risk storage unit company which pays a monthly dividend, like SmartStop, attracted the right buyer for this deal to work given the current economic environment.</li>
</ul>


SmartStop priced a full-size deal of 27.0mm shares at $30.00 and opened for trading at $32.40 for a gain of 8% at first trade.
The offering finished five-times oversubscribed with the underwriter stating that the deal had sizable participation from long-only and REIT-dedicated accounts.
A low-risk storage unit company which pays a monthly dividend, like SmartStop, attracted the right buyer for this deal to work given the current economic environment.


SmartStop Self Storage (SMA): Upside Surprise, IPO Pops 8% at Open and Trades Higher

United States

Hinge Health, Inc. develops health care software. The Company offers remote monitoring and digital care solutions to improve patient education, monitor physical and behavioral therapy, and address a broad spectrum of MSK care. Hinge Health serves customers in the United States.

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Hinge Health (HNGE US)

Hinge Health (HNGE): Growth Surging into IPO, Valuation at Major Discount to 2021 Peak

Venture-backed company sets IPO terms seeking over 50% valuation cut from peak, with strong revenue growth and high demand for shares.

IPO Boutique

Omada Health (OMDA): Virtual Healthcare Provider for Chronic Conditions Filed for IPO

Omada's virtual care platform improves health outcomes, with revenue growing by 38% and securing $192 million in funding.

IPO Boutique

Hinge Health (HNGE): VC Backed Virtual Therapist Company Seeking $2.6b Valuation

Venture-backed company sets IPO terms, offering shares at $28-$32 range with $2.3b-$2.6b valuation. Strong revenue growth of 50% year-over-year...

IPO Boutique

MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

MNTN, inc., an adtech software platform provider and category creator of Performance TV, plans to go public in the United States. The company was...

Andrei Zakharov

SmartStop Self Storage (SMA): Upside Surprise, IPO Pops 8% at Open and Trades Higher

SmartStop's successful IPO reflects strong demand from long-only and REIT-dedicated investors for low-risk storage unit companies with monthly...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hinge Health (HNGE): Growth Surging into IPO, Valuation at Major Discount to 2021 Peak

​Venture-backed company sets IPO terms seeking over 50% valuation cut from peak, with strong revenue growth and high demand for shares.

IPO Boutique

Omada Health (OMDA): Virtual Healthcare Provider for Chronic Conditions Filed for IPO

​Omada's virtual care platform improves health outcomes, with revenue growing by 38% and securing $192 million in funding.

IPO Boutique

Hinge Health (HNGE): VC Backed Virtual Therapist Company Seeking $2.6b Valuation

​Venture-backed company sets IPO terms, offering shares at $28-$32 range with $2.3b-$2.6b valuation. Strong revenue growth of 50% year-over-year...

IPO Boutique

MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

MNTN, inc., an adtech software platform provider and category creator of Performance TV, plans to go public in the United States. The company was...

Andrei Zakharov

SmartStop Self Storage (SMA): Upside Surprise, IPO Pops 8% at Open and Trades Higher

​SmartStop's successful IPO reflects strong demand from long-only and REIT-dedicated investors for low-risk storage unit companies with monthly...

IPO Boutique

Venture-backed company sets IPO terms seeking over 50% valuation cut from peak, with strong revenue growth and high demand for shares.

Omada's virtual care platform improves health outcomes, with revenue growing by 38% and securing $192 million in funding.

Venture-backed company sets IPO terms, offering shares at $28-$32 range with $2.3b-$2.6b valuation. Strong revenue growth of 50% year-over-year...

SmartStop's successful IPO reflects strong demand from long-only and REIT-dedicated investors for low-risk storage unit companies with monthly...