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

Lumexa Imaging Holdings / Equity Capital Markets

<ul>
<li>Lumexa priced 25mm shares at $18.50 and delivered a stable debut, reflecting disciplined valuation despite broad 2025 weakness in PE-backed IPOs.</li>
<li>Strong oversubscription from long-only and healthcare-dedicated investors supported a solid open, with first-day trading remaining orderly and tightly ranged.</li>
<li>Lumexa’s scaled outpatient imaging platform, strong payer mix, and superior margins position it favorably within a fragmented $140B market with substantial consolidation runway.</li>
</ul>


Lumexa priced 25mm shares at $18.50 and delivered a stable debut, reflecting disciplined valuation despite broad 2025 weakness in PE-backed IPOs.
Strong oversubscription from long-only and healthcare-dedicated investors supported a solid open, with first-day trading remaining orderly and tightly ranged.
Lumexa’s scaled outpatient imaging platform, strong payer mix, and superior margins position it favorably within a fragmented $140B market with substantial consolidation runway.


Lumexa Imaging Holdings, Inc. (LMRI): Steady IPO Debut for Imaging Company

<ul>
<li>Lumexa Imaging (LMRI US) targets fragmented $140B diagnostic imaging market, leveraging 184 centers and 20 acquisitions since 2018 for disciplined growth.</li>
<li>$1.003B revenue, $220.7M adjusted EBITDA (22% margin), outperforming peer RadNet on revenue per center and EBITDA margin.</li>
<li>IPO is sponsor-backed, well-oversubscribed with long-only investor interest; valuation attractive at 11.5x 2026 EBITDA, though cautious outlook maintained pre-debut.</li>
</ul>


Lumexa Imaging (LMRI US) targets fragmented $140B diagnostic imaging market, leveraging 184 centers and 20 acquisitions since 2018 for disciplined growth.
$1.003B revenue, $220.7M adjusted EBITDA (22% margin), outperforming peer RadNet on revenue per center and EBITDA margin.
IPO is sponsor-backed, well-oversubscribed with long-only investor interest; valuation attractive at 11.5x 2026 EBITDA, though cautious outlook maintained pre-debut.


Lumexa Imaging Holdings, Inc. (LMRI): Imaging Service Valuation, Metrics Attractive Vs. Peers

<ul>
<li>Lumexa advances its IPO with a 25M-share offering, targeting a $1.6–$1.9B valuation and expecting over $427M in primary proceeds.</li>
<li>As the second-largest U.S. outpatient imaging provider, the company operates 184 centers with strong referral networks, high-growth markets, and leadership in advanced imaging.</li>
<li>Revenue growth remains steady and diversified across modalities, supporting a stable sector profile and an attractive risk-reward setup backed by a strong underwriting syndicate.</li>
</ul>


Lumexa advances its IPO with a 25M-share offering, targeting a $1.6–$1.9B valuation and expecting over $427M in primary proceeds.
As the second-largest U.S. outpatient imaging provider, the company operates 184 centers with strong referral networks, high-growth markets, and leadership in advanced imaging.
Revenue growth remains steady and diversified across modalities, supporting a stable sector profile and an attractive risk-reward setup backed by a strong underwriting syndicate.


Lumexa Imaging Holdings, Inc. (LMRI): Diagnostic Imaging Service Seeking up to $1.9b Valuation

<ul>
<li>Lumexa Imaging, one of the nation’s largest outpatient imaging providers, could join the limited group of IPOs expected to debut in December 2025.</li>
<li>The company operates 184 centers across 13 states, benefiting from strong population growth markets and a broad, diversified referring-physician network.</li>
<li>Backed by WCAS and supported by scalable technology and growing advanced imaging demand, Lumexa shows steady revenue momentum ahead of a potential year-end IPO.</li>
</ul>


Lumexa Imaging, one of the nation’s largest outpatient imaging providers, could join the limited group of IPOs expected to debut in December 2025.
The company operates 184 centers across 13 states, benefiting from strong population growth markets and a broad, diversified referring-physician network.
Backed by WCAS and supported by scalable technology and growing advanced imaging demand, Lumexa shows steady revenue momentum ahead of a potential year-end IPO.


Lumexa Imaging Holdings, Inc. (LMRI): Peeking at the IPO Prospectus of a Diagnostic Imaging Service

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>All eligible US IPOs that went public from 1 November 2025 to 31 January 2026 will be added to a major US index in March 2026.</li>
<li>
<a href="https://www.smartkarma.com/entities/medline-inc" target="_blank" data-smartkarma-citation="entities:45954:1" rel="noopener">Medline (MDLN US)</a> is expected to be the largest IPO addition in terms of market cap at a valuation of $60bn following its listing on 17 December 2025.</li>
<li>
<a href="https://www.smartkarma.com/entities/beta-technologies-inc" target="_blank" data-smartkarma-citation="entities:45894:1" rel="noopener">BETA Technologies (BETA US)</a> is projected to be included in the lower size segment following a 50% price tumble since its IPO on 4 November.</li>
</ul>


All eligible US IPOs that went public from 1 November 2025 to 31 January 2026 will be added to a major US index in March 2026.

Medline (MDLN US) is expected to be the largest IPO addition in terms of market cap at a valuation of $60bn following its listing on 17 December 2025.

BETA Technologies (BETA US) is projected to be included in the lower size segment following a 50% price tumble since its IPO on 4 November.


US Index IPO Forecast - Mar26: 8 Additions Including Medline & BETA Technologies

United States

Lumexa Imaging Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides medical diagnostic imaging services including X-rays, MRI, CT scans, and mammogram. Lumexa Imaging serves patients in the United States.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Lumexa Imaging Holdings (LMRI US)

Lumexa Imaging Holdings, Inc. (LMRI): Steady IPO Debut for Imaging Company

Lumexa's disciplined valuation and strong investor support led to a stable debut in the PE-backed IPO market, showcasing its potential in the...

IPO Boutique

Lumexa Imaging Holdings, Inc. (LMRI): Imaging Service Valuation, Metrics Attractive Vs. Peers

Lumexa Imaging targets $140B diagnostic market, outperforms peers in revenue and EBITDA; IPO well-oversubscribed with attractive valuation, though...

IPO Boutique

Lumexa Imaging Holdings, Inc. (LMRI): Diagnostic Imaging Service Seeking up to $1.9b Valuation

Lumexa prepares for IPO with strong revenue growth and leadership in advanced imaging, targeting $1.6–$1.9B valuation and $427M in proceeds.

IPO Boutique

Lumexa Imaging Holdings, Inc. (LMRI): Peeking at the IPO Prospectus of a Diagnostic Imaging Service

Lumexa Imaging is poised for a potential IPO in December 2025 with strong revenue momentum and broad network of centers.

IPO Boutique

US Index IPO Forecast - Mar26: 8 Additions Including Medline & BETA Technologies

MDLN is set to be the largest US IPO index addition in March with a $60bn market cap, while BETA and YSS are poised for significant September...

Dimitris Ioannidis

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lumexa Imaging Holdings, Inc. (LMRI): Steady IPO Debut for Imaging Company

​Lumexa's disciplined valuation and strong investor support led to a stable debut in the PE-backed IPO market, showcasing its potential in the...

IPO Boutique

Lumexa Imaging Holdings, Inc. (LMRI): Imaging Service Valuation, Metrics Attractive Vs. Peers

Lumexa Imaging targets $140B diagnostic market, outperforms peers in revenue and EBITDA; IPO well-oversubscribed with attractive valuation, though...

IPO Boutique

Lumexa Imaging Holdings, Inc. (LMRI): Diagnostic Imaging Service Seeking up to $1.9b Valuation

​Lumexa prepares for IPO with strong revenue growth and leadership in advanced imaging, targeting $1.6–$1.9B valuation and $427M in proceeds.

IPO Boutique

Lumexa Imaging Holdings, Inc. (LMRI): Peeking at the IPO Prospectus of a Diagnostic Imaging Service

​Lumexa Imaging is poised for a potential IPO in December 2025 with strong revenue momentum and broad network of centers.

IPO Boutique

US Index IPO Forecast - Mar26: 8 Additions Including Medline & BETA Technologies

MDLN is set to be the largest US IPO index addition in March with a $60bn market cap, while BETA and YSS are poised for significant September...

Dimitris Ioannidis

Lumexa's disciplined valuation and strong investor support led to a stable debut in the PE-backed IPO market, showcasing its potential in the...

Lumexa prepares for IPO with strong revenue growth and leadership in advanced imaging, targeting $1.6–$1.9B valuation and $427M in proceeds.

Lumexa Imaging is poised for a potential IPO in December 2025 with strong revenue momentum and broad network of centers.