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

Jefferson Capital / Equity Capital Markets

<ul>
<li>Jefferson Capital priced a full-size deal of 10.0mm shares at $15.00 (low-end of the range) and opened at $19.00 for a gain of 26.7% at open. </li>
<li>The IPO was marketed at just 5x 2026 earnings projections, which is extraordinarily cheap to current public competitors.</li>
<li>We feel that the "interest" in this IPO may tail off and the stock's price will be performance driven based upon subsequent earnings reports.</li>
</ul>


Jefferson Capital priced a full-size deal of 10.0mm shares at $15.00 (low-end of the range) and opened at $19.00 for a gain of 26.7% at open. 
The IPO was marketed at just 5x 2026 earnings projections, which is extraordinarily cheap to current public competitors.
We feel that the "interest" in this IPO may tail off and the stock's price will be performance driven based upon subsequent earnings reports.


Jefferson Capital Inc (JCAP): Value Investors Bid Up Insolvency Account Manager IPO

<ul>
<li>For the three months ended March 31, 2025, they had net income of $64.2 million, compared to $32.9 million for the three months ended March 31, 2024.</li>
<li>The company is coming at an attractive valuation but our sources say traditional IPO investors "may" be staying on the sidelines for this deal. </li>
<li>This company is private equity backed by J.C. Flowers &amp; Co and they will own 68.9% of the voting power following this IPO.</li>
</ul>


For the three months ended March 31, 2025, they had net income of $64.2 million, compared to $32.9 million for the three months ended March 31, 2024.
The company is coming at an attractive valuation but our sources say traditional IPO investors "may" be staying on the sidelines for this deal. 
This company is private equity backed by J.C. Flowers &amp; Co and they will own 68.9% of the voting power following this IPO.


Jefferson Capital Inc (JCAP):Valuation Attractive, Sector-Dedicated Investors to Dominate the Book

<ul>
<li>Jefferson Cap is offering 10.0mm shares at $15.00-$17.00 equating to a market cap of $972m-$1.1b and will debut on June 26th.</li>
<li>The company is backed by J.C. Flowers and the majority of this IPO, 9.375mm shares, is secondary with J.C. Flowers offering 7.76mm shares and Canaccede offering 1.6mm.</li>
<li>Debt buying companies have a vastly different profile than a Chime, CoreWeave or Voyager or Circle which has major, scalable tailwinds.</li>
</ul>


Jefferson Cap is offering 10.0mm shares at $15.00-$17.00 equating to a market cap of $972m-$1.1b and will debut on June 26th.
The company is backed by J.C. Flowers and the majority of this IPO, 9.375mm shares, is secondary with J.C. Flowers offering 7.76mm shares and Canaccede offering 1.6mm.
Debt buying companies have a vastly different profile than a Chime, CoreWeave or Voyager or Circle which has major, scalable tailwinds.


Jefferson Capital Inc (JCAP):  Profitable Insolvency Account Manager Sets Terms for IPO

<ul>
<li>They are a leading analytically driven purchaser and manager of charged-off and insolvency consumer accounts with four geographic regions with the majority of their operations landing in the USA.</li>
<li>The principal purposes of this offering are to increase their capitalization and flexibility, facilitate an orderly distribution for the selling stockholders, and create a public market for their common stock.</li>
<li>We anticipate this offering to likely find participation from sector dedicated investors and not draw the attention of "traditional" IPO players.</li>
</ul>


They are a leading analytically driven purchaser and manager of charged-off and insolvency consumer accounts with four geographic regions with the majority of their operations landing in the USA.
The principal purposes of this offering are to increase their capitalization and flexibility, facilitate an orderly distribution for the selling stockholders, and create a public market for their common stock.
We anticipate this offering to likely find participation from sector dedicated investors and not draw the attention of "traditional" IPO players.


Jefferson Capital Inc (JCAP): Peeking at the IPO Prospectus of PE-Backed Insolvency Account Manager

<ul>
<li>McGraw Hill (MH US) priced a full-size offering of 24.4mm shares at $17.00 and saw a flat opening print. </li>
<li>This was the second private equity backed deal of the week and second to trade below issue.</li>
<li>Ultimately, the deal did not have the "strength" and was forced to give-way to the buy-side with a $2 discount below the low-end of the range.</li>
</ul>


McGraw Hill (MH US) priced a full-size offering of 24.4mm shares at $17.00 and saw a flat opening print. 
This was the second private equity backed deal of the week and second to trade below issue.
Ultimately, the deal did not have the "strength" and was forced to give-way to the buy-side with a $2 discount below the low-end of the range.


McGraw Hill, Inc. (MH): Another Private Equity Backed IPO Trades Below Issue, Closes Flat

United States

Jefferson Capital, Inc. provides financial solutions. The Company operates as an analytically driven purchaser and manager of charged-off and insolvency consumer accounts. Jefferson Capital serves clients in the United States, Canada, the United Kingdom, and Latin America.

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Jefferson Capital (JCAP US)

Jefferson Capital Inc (JCAP): Value Investors Bid Up Insolvency Account Manager IPO

Jefferson Capital's IPO priced low but opened strong, with potential for performance-driven price movement based on future earnings reports.

IPO Boutique

Jefferson Capital Inc (JCAP):Valuation Attractive, Sector-Dedicated Investors to Dominate the Book

Private equity backed company reports strong net income of $64.2 million for Q1 2025, but traditional IPO investors may be cautious.

IPO Boutique

Jefferson Capital Inc (JCAP): Profitable Insolvency Account Manager Sets Terms for IPO

Jefferson Cap to debut IPO on June 26th, backed by J.C. Flowers with majority of shares being secondary. Different profile from other companies...

IPO Boutique

Jefferson Capital Inc (JCAP): Peeking at the IPO Prospectus of PE-Backed Insolvency Account Manager

Analytically driven debt purchaser seeks to increase capitalization through public offering, targeting sector investors over traditional IPO players.

IPO Boutique

McGraw Hill, Inc. (MH): Another Private Equity Backed IPO Trades Below Issue, Closes Flat

McGraw Hill's IPO priced at $17/share, opened flat, and traded below issue due to lack of strength, selling at a $2 discount below the low-end of...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jefferson Capital Inc (JCAP): Value Investors Bid Up Insolvency Account Manager IPO

​Jefferson Capital's IPO priced low but opened strong, with potential for performance-driven price movement based on future earnings reports.

IPO Boutique

Jefferson Capital Inc (JCAP):Valuation Attractive, Sector-Dedicated Investors to Dominate the Book

​Private equity backed company reports strong net income of $64.2 million for Q1 2025, but traditional IPO investors may be cautious.

IPO Boutique

Jefferson Capital Inc (JCAP): Profitable Insolvency Account Manager Sets Terms for IPO

​Jefferson Cap to debut IPO on June 26th, backed by J.C. Flowers with majority of shares being secondary. Different profile from other companies...

IPO Boutique

Jefferson Capital Inc (JCAP): Peeking at the IPO Prospectus of PE-Backed Insolvency Account Manager

​Analytically driven debt purchaser seeks to increase capitalization through public offering, targeting sector investors over traditional IPO players.

IPO Boutique

McGraw Hill, Inc. (MH): Another Private Equity Backed IPO Trades Below Issue, Closes Flat

​McGraw Hill's IPO priced at $17/share, opened flat, and traded below issue due to lack of strength, selling at a $2 discount below the low-end of...

IPO Boutique

Jefferson Capital's IPO priced low but opened strong, with potential for performance-driven price movement based on future earnings reports.

Private equity backed company reports strong net income of $64.2 million for Q1 2025, but traditional IPO investors may be cautious.

Jefferson Cap to debut IPO on June 26th, backed by J.C. Flowers with majority of shares being secondary. Different profile from other companies...

Analytically driven debt purchaser seeks to increase capitalization through public offering, targeting sector investors over traditional IPO players.

McGraw Hill's IPO priced at $17/share, opened flat, and traded below issue due to lack of strength, selling at a $2 discount below the low-end of...