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 Trive Capital (private equity) backed company priced 23.0mm shares (upsized from 21.05mm) at $22.00 ($2 Above Range) and opened at $30.00 for a 36.3% gain at first trade. </li>
<li>The deal finished roughly 17-times oversubscribed with the top ten percent of the deal receiving 50% of the offerings and top 25% of the transaction receiving 75% of the allocations.</li>
<li>Given the success of the IPO on day one, we will be upwardly-revising our 30-day forecast on this IPO.</li>
</ul>


The Trive Capital (private equity) backed company priced 23.0mm shares (upsized from 21.05mm) at $22.00 ($2 Above Range) and opened at $30.00 for a 36.3% gain at first trade. 
The deal finished roughly 17-times oversubscribed with the top ten percent of the deal receiving 50% of the offerings and top 25% of the transaction receiving 75% of the allocations.
Given the success of the IPO on day one, we will be upwardly-revising our 30-day forecast on this IPO.


Karman Holdings Inc.(KRMN): Space and Defense IPO Blasts Off, High Hit Rate in Roadshow

<ul>
<li>This is a unique company who is well-placed within the defense department. Karman has a seat in developing strategic weapons systems and contracts in place to sustain growth.</li>
<li>The company has made seven acquisitions over four years. The company has solid year-over-year revenue growth and tailwinds moving forward.</li>
<li>Private Equity backed Karman Holdings is scheduled to go public on February 14th.</li>
</ul>


This is a unique company who is well-placed within the defense department. Karman has a seat in developing strategic weapons systems and contracts in place to sustain growth.
The company has made seven acquisitions over four years. The company has solid year-over-year revenue growth and tailwinds moving forward.
Private Equity backed Karman Holdings is scheduled to go public on February 14th.


Karman Holdings Inc.(KRMN): Pure Play Space & Defense IPO Sees Advantages as Public Company

<ul>
<li>Private Equity backed Karman Holdings set terms for its IPO with a scheduled February 14th debut. </li>
<li>The company will net $160m if the offering priced at the midpoint of the range and selling shareholders will obtain the remaining $240m in this $400m cash-raise total transaction. </li>
<li>The valuation of this company came in lighter than expected. We will continue to dive into the metrics of this deal and provide additional research, color and commentary.</li>
</ul>


Private Equity backed Karman Holdings set terms for its IPO with a scheduled February 14th debut. 
The company will net $160m if the offering priced at the midpoint of the range and selling shareholders will obtain the remaining $240m in this $400m cash-raise total transaction. 
The valuation of this company came in lighter than expected. We will continue to dive into the metrics of this deal and provide additional research, color and commentary.


Karman Holdings Inc.(KRMN): Terms Set for Space & Defense IPO Valuing Company up to $2.6b

<ul>
<li>Private Equity backed Karman Holdings filed a S-1 with the SEC for a potential February debut. </li>
<li>For the nine months ended September 30, 2024, they generated $254.0 million in revenue, representing a 24.7% growth rate from the same period in 2023.</li>
<li>Their integrated payload protection, propulsion, and interstage system solutions are deployed across a wide variety of existing and emerging programs supporting important Department of Defense and space sector initiatives.</li>
</ul>


Private Equity backed Karman Holdings filed a S-1 with the SEC for a potential February debut. 
For the nine months ended September 30, 2024, they generated $254.0 million in revenue, representing a 24.7% growth rate from the same period in 2023.
Their integrated payload protection, propulsion, and interstage system solutions are deployed across a wide variety of existing and emerging programs supporting important Department of Defense and space sector initiatives.


Karman Holdings Inc.(KRMN): Peeking at the Prospectus of Upcoming Space and Defense IPO

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-rotem-company" target="_blank" data-smartkarma-citation="entities:1554:1" rel="noopener">Hyundai Rotem</a>, RENK Group and <a href="https://www.smartkarma.com/entities/karman-holdings-inc" target="_blank" data-smartkarma-citation="entities:44289:1" rel="noopener">Karman Holdings</a> will be added to the MV Global Defense Industry Index after the close of trading on 20 June.</li>
<li>Constituent changes, float changes and capping changes result in an estimated one-way turnover of 8.8% and a round-trip trade of US$1.1bn.</li>
<li>The index has moved up steadily over the last few years and the ETF has taken in a big chunk of money over the last 6 months.</li>
</ul>



Hyundai Rotem, RENK Group and Karman Holdings will be added to the MV Global Defense Industry Index after the close of trading on 20 June.
Constituent changes, float changes and capping changes result in an estimated one-way turnover of 8.8% and a round-trip trade of US$1.1bn.
The index has moved up steadily over the last few years and the ETF has taken in a big chunk of money over the last 6 months.


MV Global Defense Industry Index Rebalance: US$1.1bn Round-Trip Trade as Stocks Soar

United States

Karman Holdings Inc operates as a holding company. The Company, through its subsidiaries, specializes in the design, testing, manufacturing, and sale of mission-critical and launch vehicles systems for existing and emerging missile, defense, and space programs. Karman Holdings serves customers worldwide.

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Karman Holdings (KRMN US)

Karman Holdings Inc.(KRMN): Space and Defense IPO Blasts Off, High Hit Rate in Roadshow

Trive Capital-backed company IPO prices above range, opens at 36.3% gain, oversubscribed with top investors receiving majority of allocations....

IPO Boutique

Karman Holdings Inc.(KRMN): Pure Play Space & Defense IPO Sees Advantages as Public Company

Karman Holdings, a private equity-backed company with ties to the defense department, is set to go public on February 14th with a strategic focus...

IPO Boutique

Karman Holdings Inc.(KRMN): Terms Set for Space & Defense IPO Valuing Company up to $2.6b

Private Equity backed Karman Holdings sets terms for IPO, aiming to raise $400m with a lighter-than-expected valuation.

IPO Boutique

Karman Holdings Inc.(KRMN): Peeking at the Prospectus of Upcoming Space and Defense IPO

Private Equity backed Karman Holdings prepares for potential February debut with strong revenue growth and innovative solutions for Department of...

IPO Boutique

MV Global Defense Industry Index Rebalance: US$1.1bn Round-Trip Trade as Stocks Soar

There are 3 adds to the index. Estimated turnover is 8.8% and round-trip trade is US$1.1bn. The index has moved up a lot and stocks have soared....

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Karman Holdings Inc.(KRMN): Space and Defense IPO Blasts Off, High Hit Rate in Roadshow

​Trive Capital-backed company IPO prices above range, opens at 36.3% gain, oversubscribed with top investors receiving majority of allocations....

IPO Boutique

Karman Holdings Inc.(KRMN): Pure Play Space & Defense IPO Sees Advantages as Public Company

​Karman Holdings, a private equity-backed company with ties to the defense department, is set to go public on February 14th with a strategic focus...

IPO Boutique

Karman Holdings Inc.(KRMN): Terms Set for Space & Defense IPO Valuing Company up to $2.6b

​Private Equity backed Karman Holdings sets terms for IPO, aiming to raise $400m with a lighter-than-expected valuation.

IPO Boutique

Karman Holdings Inc.(KRMN): Peeking at the Prospectus of Upcoming Space and Defense IPO

​Private Equity backed Karman Holdings prepares for potential February debut with strong revenue growth and innovative solutions for Department of...

IPO Boutique

MV Global Defense Industry Index Rebalance: US$1.1bn Round-Trip Trade as Stocks Soar

There are 3 adds to the index. Estimated turnover is 8.8% and round-trip trade is US$1.1bn. The index has moved up a lot and stocks have soared....

Brian Freitas

Trive Capital-backed company IPO prices above range, opens at 36.3% gain, oversubscribed with top investors receiving majority of allocations....

Karman Holdings, a private equity-backed company with ties to the defense department, is set to go public on February 14th with a strategic focus...

Private Equity backed Karman Holdings sets terms for IPO, aiming to raise $400m with a lighter-than-expected valuation.

Private Equity backed Karman Holdings prepares for potential February debut with strong revenue growth and innovative solutions for Department of...