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.

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IPOs and Secondary Offerings

Equity Capital Markets

Kestra Medical Technologies / Equity Capital Markets

<ul>
<li>Wearable defibrillator maker, Kestra Medical Technologies (KMTS US) is set to debut on Thursday (3/6) seeking a cash raise of up to $160 million and a valuation between $667m-$762.</li>
<li>The deal is considered well-oversubscribed from continued 1-on-1 conversions and high-quality engagements.</li>
<li>Given the financials and sector in which this company operates in and the strong backing (Bain Capital), we continue to believe this IPO will be well-received despite any market volatility.</li>
</ul>


Wearable defibrillator maker, Kestra Medical Technologies (KMTS US) is set to debut on Thursday (3/6) seeking a cash raise of up to $160 million and a valuation between $667m-$762.
The deal is considered well-oversubscribed from continued 1-on-1 conversions and high-quality engagements.
Given the financials and sector in which this company operates in and the strong backing (Bain Capital), we continue to believe this IPO will be well-received despite any market volatility.


Kestra Medical Technologies (KMTS): Medical Device IPO Story Easy to Digest Amidst Market Volatility

<ul>
<li>Kestra was founded in 2014 by Bain Capital private equity and leaders from the external (AED) and internal (ICD) defibrillation industries. </li>
<li>The company is seeking a valuation between $667m-$762m based on the $14-$16 range.</li>
<li>Given the financials, sector in which this company operates in and the strong backing, it is our early opinion that the IPO will likely be well-received.</li>
</ul>


Kestra was founded in 2014 by Bain Capital private equity and leaders from the external (AED) and internal (ICD) defibrillation industries. 
The company is seeking a valuation between $667m-$762m based on the $14-$16 range.
Given the financials, sector in which this company operates in and the strong backing, it is our early opinion that the IPO will likely be well-received.


Kestra Medical Technologies, Ltd (KMTS): Defibrillator Maker to Break IPO Thaw

<ul>
<li>The company, which debuted in March 2025 with 11.9 million shares priced at $17.00—above its $14–$16 range—opened at $22.95 for a 35% gain.</li>
<li>Following its debut, Kestra Medical Technologies (KMTS US)  hit an early post-IPO high of $26.15 but traded as low as $13.25 in the summer.</li>
<li>The stock has jumped in the last month on the heels of strong first-quarter financial results, where the company not only beat revenue expectations but also raised full-year guidance.</li>
</ul>


The company, which debuted in March 2025 with 11.9 million shares priced at $17.00—above its $14–$16 range—opened at $22.95 for a 35% gain.
Following its debut, Kestra Medical Technologies (KMTS US)  hit an early post-IPO high of $26.15 but traded as low as $13.25 in the summer.
The stock has jumped in the last month on the heels of strong first-quarter financial results, where the company not only beat revenue expectations but also raised full-year guidance.


Kestra Medical Technologies (KMTS) Six Month Summary: Steady Rebound Amid Sector Volatility

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Artificial-Intelligence-Powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the company is seeking a market value of $430M.</li>
<li>Carlsmed currently markets the aprevo Technology Platform for lumbar spine fusion surgery, and is developing aprevo for cervical spine fusion surgeries, which is expected to be commercialized in 2026.</li>
<li>Carlsmed estimates there is a total addressable market of $13.4B for aprevo in the U.S. Aprevo may also benefit other musculoskeletal applications beyond the spine, unlocking greater market potential.</li>
</ul>


Artificial-Intelligence-Powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the company is seeking a market value of $430M.
Carlsmed currently markets the aprevo Technology Platform for lumbar spine fusion surgery, and is developing aprevo for cervical spine fusion surgeries, which is expected to be commercialized in 2026.
Carlsmed estimates there is a total addressable market of $13.4B for aprevo in the U.S. Aprevo may also benefit other musculoskeletal applications beyond the spine, unlocking greater market potential.


Carlsmed (CARL US) IPO: Will Take Time to Straighten Its Spine, Can Subscribe Just for Listing Gain

<ul>
<li>Kestra Medical Technologies priced 11.9mm shares (upsized from 10.0mm) at $17.00 ($1 Above the $14-$16 range) and opened at $22.95 for a gain of 35%.</li>
<li>Kestra Medical Technologies (KMTS US) is the second medical device company to go public with success in 2025.</li>
<li>The equity capital markets area is still under scrutiny as a whole following the lackluster debuts of the two large IPOs in 2025.</li>
</ul>


Kestra Medical Technologies priced 11.9mm shares (upsized from 10.0mm) at $17.00 ($1 Above the $14-$16 range) and opened at $22.95 for a gain of 35%.
Kestra Medical Technologies (KMTS US) is the second medical device company to go public with success in 2025.
The equity capital markets area is still under scrutiny as a whole following the lackluster debuts of the two large IPOs in 2025.


Kestra Medical Technologies (KMTS): IPO Pops 35% at Open, Holds Gains Amidst Volatile Backdrop

United States

Kestra Medical Technologies, Inc. operates as a wearable medical device and digital healthcare company. The Company develops cardiac recovery systems, a comprehensive and advanced system that integrates monitoring, therapeutic treatment, digital health, and patient support services into a single unified solution. Kestra Medical Technologies serves customers worldwide.

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Kestra Medical Technologies (KMTS US)

Kestra Medical Technologies (KMTS): Medical Device IPO Story Easy to Digest Amidst Market Volatility

Wearable defibrillator maker Kestra Medical Technologies set to debut with IPO seeking up to $160 million, backed by Bain Capital and expected to...

IPO Boutique

Kestra Medical Technologies, Ltd (KMTS): Defibrillator Maker to Break IPO Thaw

Kestra, founded in 2014 by Bain Capital and industry leaders, seeks a valuation of $667m-$762m in its upcoming IPO, expected to be well-received.

IPO Boutique

Kestra Medical Technologies (KMTS) Six Month Summary: Steady Rebound Amid Sector Volatility

Kestra Medical Technologies stock rebounds after strong first-quarter results. The stock has traded well in its first six months amidst a bit of...

IPO Boutique

Kestra Medical Technologies (KMTS): IPO Pops 35% at Open, Holds Gains Amidst Volatile Backdrop

Kestra Medical Technologies IPO prices above range, gains 35% on debut, second successful medical device company to go public in 2025.

IPO Boutique

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Kestra Medical Technologies (KMTS): Medical Device IPO Story Easy to Digest Amidst Market Volatility

​Wearable defibrillator maker Kestra Medical Technologies set to debut with IPO seeking up to $160 million, backed by Bain Capital and expected to...

IPO Boutique

Kestra Medical Technologies, Ltd (KMTS): Defibrillator Maker to Break IPO Thaw

​Kestra, founded in 2014 by Bain Capital and industry leaders, seeks a valuation of $667m-$762m in its upcoming IPO, expected to be well-received.

IPO Boutique

Kestra Medical Technologies (KMTS) Six Month Summary: Steady Rebound Amid Sector Volatility

​Kestra Medical Technologies stock rebounds after strong first-quarter results. The stock has traded well in its first six months amidst a bit of...

IPO Boutique

Carlsmed (CARL US) IPO: Will Take Time to Straighten Its Spine, Can Subscribe Just for Listing Gain

Artificial-intelligence-powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the...

Tina Banerjee

Kestra Medical Technologies (KMTS): IPO Pops 35% at Open, Holds Gains Amidst Volatile Backdrop

​Kestra Medical Technologies IPO prices above range, gains 35% on debut, second successful medical device company to go public in 2025.

IPO Boutique

Wearable defibrillator maker Kestra Medical Technologies set to debut with IPO seeking up to $160 million, backed by Bain Capital and expected to...

Kestra, founded in 2014 by Bain Capital and industry leaders, seeks a valuation of $667m-$762m in its upcoming IPO, expected to be well-received.

Kestra Medical Technologies stock rebounds after strong first-quarter results. The stock has traded well in its first six months amidst a bit of...

Kestra Medical Technologies IPO prices above range, gains 35% on debut, second successful medical device company to go public in 2025.