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

Firefly Aerospace / Equity Capital Markets

<ul>
<li>The company will be offering 16.2mm shares at $35-$39 with an expected market cap between $4.9b and $5.5b and to debut on August 7th.</li>
<li>According to our sources, the deal is being classified as multiple-times oversubscribed.</li>
<li>FireFly is in growth mode and the ability to scale with improving margins and a significant and visible backlog makes this deal extremely attractive. </li>
</ul>


The company will be offering 16.2mm shares at $35-$39 with an expected market cap between $4.9b and $5.5b and to debut on August 7th.
According to our sources, the deal is being classified as multiple-times oversubscribed.
FireFly is in growth mode and the ability to scale with improving margins and a significant and visible backlog makes this deal extremely attractive. 


Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO

<ul>
<li>They will be offering 16.2mm shares at $35-$39  with an expected market cap between $4.9b and $5.5b and to debut on August 7th.</li>
<li>The company's principal stockholder is private-equity firm AE Industrial which made its initial investment in Firefly Aerospace in 2022 and is a 47.4% stakeholder.</li>
<li>Revenue in Q2 is up more around 140% versus the same period in 2024 but the company's net losses continue to mount.</li>
</ul>


They will be offering 16.2mm shares at $35-$39  with an expected market cap between $4.9b and $5.5b and to debut on August 7th.
The company's principal stockholder is private-equity firm AE Industrial which made its initial investment in Firefly Aerospace in 2022 and is a 47.4% stakeholder.
Revenue in Q2 is up more around 140% versus the same period in 2024 but the company's net losses continue to mount.


Firefly Aerospace Inc. (FLY): Space & Defense Company Sets Terms for IPO Seeking $5.5b Valuation

<ul>
<li>Their operational launch vehicle, Alpha, is the first and only U.S.-based orbital rocket in the 1,000 kilograms class to successfully reach orbit, with four launches completed successfully.</li>
<li>They had revenue of $55.23 million and $60.79 million and net loss of $135.46 million and $231.13 million in 2023 and 2024, respectively.</li>
<li>The company is targeting a potential IPO in the second half of July or early August with peers and the sector outperforming in the short term. </li>
</ul>


Their operational launch vehicle, Alpha, is the first and only U.S.-based orbital rocket in the 1,000 kilograms class to successfully reach orbit, with four launches completed successfully.
They had revenue of $55.23 million and $60.79 million and net loss of $135.46 million and $231.13 million in 2023 and 2024, respectively.
The company is targeting a potential IPO in the second half of July or early August with peers and the sector outperforming in the short term. 


Firefly Aerospace Inc. (FLY): Peeking at the IPO Prospectus of the Next Space & Defense Tech Company

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

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The MV Global Defense Industry Index represents the performance of companies in national defense industries.</li>
<li>There will be 3 ADDs for the MV Global Defense Index in June 2025. </li>
<li>We expect one-way flow of US$505mn for June 2025, which translates to a turnover of 8.8%. </li>
</ul>


The MV Global Defense Industry Index represents the performance of companies in national defense industries.
There will be 3 ADDs for the MV Global Defense Index in June 2025. 
We expect one-way flow of US$505mn for June 2025, which translates to a turnover of 8.8%. 


[Quiddity Index] MV Global Defense Jun25 Rebalance Results: Flow Expectations

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)

Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO

FireFly set to debut on August 7th with 16.2mm shares offered at $35-$39, deal classified as oversubscribed, company in growth mode with promising...

IPO Boutique

Firefly Aerospace Inc. (FLY): Space & Defense Company Sets Terms for IPO Seeking $5.5b Valuation

Firefly Aerospace to offer 16.2mm shares at $35-$39, with expected market cap of $4.9b-$5.5b. Debuting on August 7th, backed by private-equity...

IPO Boutique

Firefly Aerospace Inc. (FLY): Peeking at the IPO Prospectus of the Next Space & Defense Tech Company

US-based rocket company successfully launches Alpha rocket into orbit, plans potential IPO in July/August despite financial losses in 2023 and 2024.

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

[Quiddity Index] MV Global Defense Jun25 Rebalance Results: Flow Expectations

The MV Global Defense Index sees 3 ADDs for June 2025. This is an index family which gives short notice. We expect $500mm+ of one-way flows for...

Travis Lundy

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Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO

​FireFly set to debut on August 7th with 16.2mm shares offered at $35-$39, deal classified as oversubscribed, company in growth mode with promising...

IPO Boutique

Firefly Aerospace Inc. (FLY): Space & Defense Company Sets Terms for IPO Seeking $5.5b Valuation

​Firefly Aerospace to offer 16.2mm shares at $35-$39, with expected market cap of $4.9b-$5.5b. Debuting on August 7th, backed by private-equity...

IPO Boutique

Firefly Aerospace Inc. (FLY): Peeking at the IPO Prospectus of the Next Space & Defense Tech Company

​US-based rocket company successfully launches Alpha rocket into orbit, plans potential IPO in July/August despite financial losses in 2023 and 2024.

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

[Quiddity Index] MV Global Defense Jun25 Rebalance Results: Flow Expectations

The MV Global Defense Index sees 3 ADDs for June 2025. This is an index family which gives short notice. We expect $500mm+ of one-way flows for...

Travis Lundy

FireFly set to debut on August 7th with 16.2mm shares offered at $35-$39, deal classified as oversubscribed, company in growth mode with promising...

Firefly Aerospace to offer 16.2mm shares at $35-$39, with expected market cap of $4.9b-$5.5b. Debuting on August 7th, backed by private-equity...

US-based rocket company successfully launches Alpha rocket into orbit, plans potential IPO in July/August despite financial losses in 2023 and 2024.