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

Kailera Therapeutics / Equity Capital Markets

<ul>
<li>Kailera Therapeutics (KLRA US) sets IPO terms to raise capital for a $1.65B–$1.9B valuation, offering 33.3M shares at $14–$16 ahead of a 4/17 debut.</li>
<li>Proceeds of ~$459M will primarily fund late-stage development of ribupatide and expand its broader GLP-1–based obesity pipeline across oral and injectable therapies through 2028.</li>
<li>Strong cornerstone interest from Bain Capital, Qatar Investment Authority, and others, combined with $1B in pre-IPO funding, signals robust institutional support and favorable IPO positioning.</li>
</ul>


Kailera Therapeutics (KLRA US) sets IPO terms to raise capital for a $1.65B–$1.9B valuation, offering 33.3M shares at $14–$16 ahead of a 4/17 debut.
Proceeds of ~$459M will primarily fund late-stage development of ribupatide and expand its broader GLP-1–based obesity pipeline across oral and injectable therapies through 2028.
Strong cornerstone interest from Bain Capital, Qatar Investment Authority, and others, combined with $1B in pre-IPO funding, signals robust institutional support and favorable IPO positioning.


Kailera Therapeutics (KLRA):Phase III Obesity Biotech Sets Terms with Backing from Bain, QIA

<ul>
<li>Kailera Therapeutics (KLRA US) is a clinical-stage biotech developing next-generation obesity therapies using GLP-1–based and multi-receptor mechanisms to address a global chronic disease affecting over 1 billion people.</li>
<li>Its candidate, ribupatide, is in Phase 3 trials showing significant weight loss potential, alongside a broader pipeline of oral and injectable GLP-1 and tri-agonist therapies targeting differentiated efficacy and tolerability.</li>
<li>The company filed for an IPO on March 27th, backed by top underwriters and nearly $1B in funding, with experienced leadership.</li>
</ul>


Kailera Therapeutics (KLRA US) is a clinical-stage biotech developing next-generation obesity therapies using GLP-1–based and multi-receptor mechanisms to address a global chronic disease affecting over 1 billion people.
Its candidate, ribupatide, is in Phase 3 trials showing significant weight loss potential, alongside a broader pipeline of oral and injectable GLP-1 and tri-agonist therapies targeting differentiated efficacy and tolerability.
The company filed for an IPO on March 27th, backed by top underwriters and nearly $1B in funding, with experienced leadership.


Kailera Therapeutics (KLRA): Peeking at the IPO Prospectus of a Neurological Therapy Biotech

Healthcare Analyst

Wilfred Yuen

Equity Bottom-Up

Jiangsu Hengrui Medicine / Equity Bottom-Up

<ul>
<li>2Q26 results dragged down by generic drugs (-17% QoQ to RMB2.3bn) and moderating growth from oncology segment (+2% YoY or -11% QoQ to RMB2.9bn) vs non-oncology (+77% YoY to RMB1.3bn)</li>
<li>Key upcoming catalysts: 1) cardio readouts in ESC Congress (ANGPTL3, oral Lp(a), oral PCSK9), 2) oncology readouts (HER3 ADC, Nectin-4 ADC, KRAS G12C), 3) ribupatide (GLP-1/GIP) approval in early 2027</li>
<li>See inside for results call takeaways, financial analysis, and pipeline updates.</li>
</ul>


2Q26 results dragged down by generic drugs (-17% QoQ to RMB2.3bn) and moderating growth from oncology segment (+2% YoY or -11% QoQ to RMB2.9bn) vs non-oncology (+77% YoY to RMB1.3bn)
Key upcoming catalysts: 1) cardio readouts in ESC Congress (ANGPTL3, oral Lp(a), oral PCSK9), 2) oncology readouts (HER3 ADC, Nectin-4 ADC, KRAS G12C), 3) ribupatide (GLP-1/GIP) approval in early 2027
See inside for results call takeaways, financial analysis, and pipeline updates.


Hengrui (600276.CH): 2Q26 Miss on Generic Drugs Decline and Moderating Growth of Oncology Segment

<ul>
<li>Avalyn Pharma Inc. prices IPO at $16–$18/share, offering 11.8M shares to fund inhaled fibrosis therapies, targeting ~$591M–$665M valuation.</li>
<li>Clinical-Stage pipeline led by AP01 and AP02 aims to treat IPF and PPF via inhaled antifibrotics, addressing high unmet need in interstitial lung disease.</li>
<li>Backed by top-tier underwriters including Morgan Stanley and Jefferies; CEO Lyn Baranowski brings deep respiratory biotech experience and strong M&amp;A track record.</li>
</ul>


Avalyn Pharma Inc. prices IPO at $16–$18/share, offering 11.8M shares to fund inhaled fibrosis therapies, targeting ~$591M–$665M valuation.
Clinical-Stage pipeline led by AP01 and AP02 aims to treat IPF and PPF via inhaled antifibrotics, addressing high unmet need in interstitial lung disease.
Backed by top-tier underwriters including Morgan Stanley and Jefferies; CEO Lyn Baranowski brings deep respiratory biotech experience and strong M&amp;A track record.


Avalyn Pharma (AVLN): Phase 2 Biotech for Treatment of Pulmonary Fibrosis Sets Terms for IPO

Get Ahead with IPO Insights, IPO Prophet

IPO Prophet

Get Ahead with IPO Insights

At IPO Prophet®, our team leverages over three decades of expertise to deliver actionable quantitative analytics for the IPO market in real-time. This platform synthesizes our extensive experience investing in IPOs, providing investors with revolutionary tools to navigate the complexities of issuance day. Our mission is to empower investors with data-driven insights to make more informed decisions.

<ul><li>Friday’s IPO slate — Aevex Corp. (AVEX), Alamar Biosciences (ALMR), and Kailera Therapeutics (KLRA) — delivered a constructive signal for the broader IPO market, with all three names opening at strong double-digit premiums to their respective IPO prices.</li><li>As the first meaningful cluster of deals to come to market in recent weeks, the group sets an early tone for sentiment, with a growing pipeline behind it including Yesway Inc., National Healthcare Properties, The Elmet Group, and X-Energy Inc., all expected to trade the week of 4/20.</li><li>Aevex (AVEX) opened at $23.01 versus a $20.00 IPO price, representing a ~15% premium out of the gate and immediately confirming early demand with a Bull signal at the open.</li></ul>

Friday’s IPO slate — Aevex Corp. (AVEX), Alamar Biosciences (ALMR), and Kailera Therapeutics (KLRA) — delivered a constructive signal for the broader IPO market, with all three names opening at strong double-digit premiums to their respective IPO prices.As the first meaningful cluster of deals to come to market in recent weeks, the group sets an early tone for sentiment, with a growing pipeline behind it including Yesway Inc., National Healthcare Properties, The Elmet Group, and X-Energy Inc., all expected to trade the week of 4/20.Aevex (AVEX) opened at $23.01 versus a $20.00 IPO price, representing a ~15% premium out of the gate and immediately confirming early demand with a Bull signal at the open.

IPO Class Opens With Strong Double-Digit Premiums as Follow-Through Proves Mixed

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kailera Therapeutics (KLRA US)

Kailera Therapeutics (KLRA):Phase III Obesity Biotech Sets Terms with Backing from Bain, QIA

Kailera Therapeutics plans IPO to raise funds for late-stage development of ribupatide and expand GLP-1 obesity pipeline, with strong...

IPO Boutique

Kailera Therapeutics (KLRA): Peeking at the IPO Prospectus of a Neurological Therapy Biotech

Kailera Therapeutics is a biotech developing innovative obesity therapies with promising Phase 3 candidate ribupatide and a strong pipeline,...

IPO Boutique

Hengrui (600276.CH): 2Q26 Miss on Generic Drugs Decline and Moderating Growth of Oncology Segment

2Q26 results dragged down by generic drugs and moderating growth from oncology segment; See inside for results call takeaways, financial analysis,...

Wilfred Yuen

Avalyn Pharma (AVLN): Phase 2 Biotech for Treatment of Pulmonary Fibrosis Sets Terms for IPO

Avalyn Pharma Inc. prices IPO to fund inhaled fibrosis therapies, targeting high valuation; clinical-stage pipeline aims to treat IPF and PPF with...

IPO Boutique

IPO Class Opens With Strong Double-Digit Premiums as Follow-Through Proves Mixed

Friday’s IPO slate — Aevex Corp. (AVEX), Alamar Biosciences (ALMR), and Kailera Therapeutics (KLRA) — delivered a constructive signal for the...

IPO Prophet

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kailera Therapeutics (KLRA):Phase III Obesity Biotech Sets Terms with Backing from Bain, QIA

​Kailera Therapeutics plans IPO to raise funds for late-stage development of ribupatide and expand GLP-1 obesity pipeline, with strong...

IPO Boutique

Kailera Therapeutics (KLRA): Peeking at the IPO Prospectus of a Neurological Therapy Biotech

​Kailera Therapeutics is a biotech developing innovative obesity therapies with promising Phase 3 candidate ribupatide and a strong pipeline,...

IPO Boutique

Hengrui (600276.CH): 2Q26 Miss on Generic Drugs Decline and Moderating Growth of Oncology Segment

2Q26 results dragged down by generic drugs and moderating growth from oncology segment; See inside for results call takeaways, financial analysis,...

Wilfred Yuen

Avalyn Pharma (AVLN): Phase 2 Biotech for Treatment of Pulmonary Fibrosis Sets Terms for IPO

​Avalyn Pharma Inc. prices IPO to fund inhaled fibrosis therapies, targeting high valuation; clinical-stage pipeline aims to treat IPF and PPF with...

IPO Boutique

IPO Class Opens With Strong Double-Digit Premiums as Follow-Through Proves Mixed

Friday’s IPO slate — Aevex Corp. (AVEX), Alamar Biosciences (ALMR), and Kailera Therapeutics (KLRA) — delivered a constructive signal for the...

IPO Prophet

Kailera Therapeutics plans IPO to raise funds for late-stage development of ribupatide and expand GLP-1 obesity pipeline, with strong...

Kailera Therapeutics is a biotech developing innovative obesity therapies with promising Phase 3 candidate ribupatide and a strong pipeline,...

Avalyn Pharma Inc. prices IPO to fund inhaled fibrosis therapies, targeting high valuation; clinical-stage pipeline aims to treat IPF and PPF with...