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 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

<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

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 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

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

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

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

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

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.

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.