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

Voyager Technologies / Equity Capital Markets

<ul>
<li>Voyager Technologies priced 12.3mm shares (upsized from 11.0mm) at $31.00 ($2 Above the Range) and opened at $69.75 for a gain of 125.0% at first trade.</li>
<li>The offering finished north of 20-times oversubscribed (on the new size) with the top 10 accounts taking 60% of the deal and the top 20 getting 80% of the transaction.</li>
<li>The volume of VOYG was nearly 2x the float making this stock one that could potentially find buyers in days to come.</li>
</ul>


Voyager Technologies priced 12.3mm shares (upsized from 11.0mm) at $31.00 ($2 Above the Range) and opened at $69.75 for a gain of 125.0% at first trade.
The offering finished north of 20-times oversubscribed (on the new size) with the top 10 accounts taking 60% of the deal and the top 20 getting 80% of the transaction.
The volume of VOYG was nearly 2x the float making this stock one that could potentially find buyers in days to come.


Voyager Technologies Inc. (VOYG): Space & Defense IPO Rockets Higher; More than a Double at Open

<ul>
<li>The company that describes itself as an innovation-driven defense technology and space solutions company has gained significant momentum in the first days of its roadshow</li>
<li>The transaction has anchor orders from established funds and a $20 million directed share program. </li>
<li>At the midpoint of the range, Voyager is valued at 7x multiple of projected revenue for 2026 which is a discount to peers.</li>
</ul>


The company that describes itself as an innovation-driven defense technology and space solutions company has gained significant momentum in the first days of its roadshow
The transaction has anchor orders from established funds and a $20 million directed share program. 
At the midpoint of the range, Voyager is valued at 7x multiple of projected revenue for 2026 which is a discount to peers.


Voyager Technologies Inc. (VOYG): Space & Defense Demand Is Hot, Deal Double-Digits Oversubscribed

<ul>
<li>Voyager Technologies will be offering 11 million shares at a $26-$29 range equating to a $1.4b-$1.65b valuation.</li>
<li>The deal is anticipated to price on Tuesday (6/10) for a Wednesday (6/11) debut on the Nasdaq.</li>
<li>Janus Henderson Investors and Wellington Management have indicated an interest in purchasing up to an aggregate of $60 million in shares of Class A common stock.</li>
</ul>


Voyager Technologies will be offering 11 million shares at a $26-$29 range equating to a $1.4b-$1.65b valuation.
The deal is anticipated to price on Tuesday (6/10) for a Wednesday (6/11) debut on the Nasdaq.
Janus Henderson Investors and Wellington Management have indicated an interest in purchasing up to an aggregate of $60 million in shares of Class A common stock.


Voyager Technologies Inc. (VOYG): Space Race Continues, Terms Set for Defense IPO

<ul>
<li>Their company was purpose-built to address issues at the forefront of defense, national security and space industries and they have organized their business to reflect this goal. </li>
<li>Since 2019, they have grown their revenue to $144.2 million in 2024 and $34.5 million for the three months ended March 31, 2025.</li>
<li>The company officially filed for its IPO on May 16th and is highly likely to debut in the month of June. </li>
</ul>


Their company was purpose-built to address issues at the forefront of defense, national security and space industries and they have organized their business to reflect this goal. 
Since 2019, they have grown their revenue to $144.2 million in 2024 and $34.5 million for the three months ended March 31, 2025.
The company officially filed for its IPO on May 16th and is highly likely to debut in the month of June. 


Voyager Technologies Inc. (VOYG): Peeking at the IPO Prospectus of the Next Space & Defense 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)

Voyager Technologies Inc. (VOYG): Space & Defense IPO Rockets Higher; More than a Double at Open

Voyager Technologies IPO prices above range, opens at 125% gain with high demand from top accounts, potential for continued buyer interest.

IPO Boutique

Voyager Technologies Inc. (VOYG): Space & Defense Demand Is Hot, Deal Double-Digits Oversubscribed

Innovative defense tech and space company gains momentum in roadshow with anchor orders and attractive valuation compared to peers.

IPO Boutique

Voyager Technologies Inc. (VOYG): Space Race Continues, Terms Set for Defense IPO

Voyager Technologies set to offer 11 million shares at $26-$29 range, with Janus Henderson and Wellington Management showing interest in...

IPO Boutique

Voyager Technologies Inc. (VOYG): Peeking at the IPO Prospectus of the Next Space & Defense Company

A company focused on defense, national security, and space industries files for IPO after showing significant revenue growth.

IPO Boutique

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Voyager Technologies Inc. (VOYG): Space & Defense IPO Rockets Higher; More than a Double at Open

​Voyager Technologies IPO prices above range, opens at 125% gain with high demand from top accounts, potential for continued buyer interest.

IPO Boutique

Voyager Technologies Inc. (VOYG): Space & Defense Demand Is Hot, Deal Double-Digits Oversubscribed

​Innovative defense tech and space company gains momentum in roadshow with anchor orders and attractive valuation compared to peers.

IPO Boutique

Voyager Technologies Inc. (VOYG): Space Race Continues, Terms Set for Defense IPO

​Voyager Technologies set to offer 11 million shares at $26-$29 range, with Janus Henderson and Wellington Management showing interest in...

IPO Boutique

Voyager Technologies Inc. (VOYG): Peeking at the IPO Prospectus of the Next Space & Defense Company

​A company focused on defense, national security, and space industries files for IPO after showing significant revenue growth.

IPO Boutique

Voyager Technologies IPO prices above range, opens at 125% gain with high demand from top accounts, potential for continued buyer interest.

Innovative defense tech and space company gains momentum in roadshow with anchor orders and attractive valuation compared to peers.

Voyager Technologies set to offer 11 million shares at $26-$29 range, with Janus Henderson and Wellington Management showing interest in...

A company focused on defense, national security, and space industries files for IPO after showing significant revenue growth.