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>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

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

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): 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

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

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Dividend (Yield)

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

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

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...

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.