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

MapLight Therapeutics / Equity Capital Markets

<ul>
<li>MapLight Therapeutics Inc. (MPLT) priced 14.75 million shares at $17.00 and opened at $19.00, marking an initial gain of 11.7% on first trade.</li>
<li>The offering included a $40 million anchor order from T. Rowe Price and a $8.1 million concurrent private placement led by Goldman Sachs.</li>
<li>Channel checks indicate the deal was multiple times oversubscribed, with strong participation from long-only mutual funds and high-quality healthcare specialists.</li>
</ul>


MapLight Therapeutics Inc. (MPLT) priced 14.75 million shares at $17.00 and opened at $19.00, marking an initial gain of 11.7% on first trade.
The offering included a $40 million anchor order from T. Rowe Price and a $8.1 million concurrent private placement led by Goldman Sachs.
Channel checks indicate the deal was multiple times oversubscribed, with strong participation from long-only mutual funds and high-quality healthcare specialists.


MapLight Therapeutics Inc. (MPLT): Oversubscribed Neuroscience IPO Launches with a Bright Start

<ul>
<li>Its prospectus reveals a $40 million anchor order from T. Rowe Price and an additional $8.1 million concurrent private placement through Goldman Sachs.</li>
<li>Additionally, according to guidance, the deal is already being classified by our sources as well-oversubscribed on new and existing orders.</li>
<li>Given the company’s scientific credibility and strategic investor base, MapLight Therapeutics appears well-positioned to navigate the current market.</li>
</ul>


Its prospectus reveals a $40 million anchor order from T. Rowe Price and an additional $8.1 million concurrent private placement through Goldman Sachs.
Additionally, according to guidance, the deal is already being classified by our sources as well-oversubscribed on new and existing orders.
Given the company’s scientific credibility and strategic investor base, MapLight Therapeutics appears well-positioned to navigate the current market.


Maplight Therapeutics (MPLT): Clubby Biotech Deal Anticipated as IPO Market Pushes Ahead

<ul>
<li>Lead asset EVO756 shows promising Phase 2 data in symptomatic dermographism, validating its MRGPRX2-targeting mechanism and supporting further expansion into atopic dermatitis.</li>
<li>A $115M Series C co-led by RA Capital and Sectoral Asset Management strengthens credibility and provides funding for multiple Phase 2 clinical programs.</li>
<li>Evommune’s IPO is multiple-times oversubscribed, driven by significant demand from healthcare-dedicated investors and mutual funds, signaling robust institutional interest.</li>
</ul>


Lead asset EVO756 shows promising Phase 2 data in symptomatic dermographism, validating its MRGPRX2-targeting mechanism and supporting further expansion into atopic dermatitis.
A $115M Series C co-led by RA Capital and Sectoral Asset Management strengthens credibility and provides funding for multiple Phase 2 clinical programs.
Evommune’s IPO is multiple-times oversubscribed, driven by significant demand from healthcare-dedicated investors and mutual funds, signaling robust institutional interest.


Evommune Inc. (EVMN): RA Capital Backed Biotech Tests the IPO Market

<ul>
<li>Exzeo Group (XZO US) is to offer 8 million shares at $20-$22 equating to a valuation of $1.8b-$2.0b and can go public as early as November 5th.</li>
<li>The underwriters have reserved up to 5% of the shares of common stock offered through a directed share program.</li>
<li>This company is a technology arm of HCI and revenue for this company is growing at a very strong pace (80% in 1H 2025). </li>
</ul>


Exzeo Group (XZO US) is to offer 8 million shares at $20-$22 equating to a valuation of $1.8b-$2.0b and can go public as early as November 5th.
The underwriters have reserved up to 5% of the shares of common stock offered through a directed share program.
This company is a technology arm of HCI and revenue for this company is growing at a very strong pace (80% in 1H 2025). 


Exzeo Group, Inc. (XZO): Insurance Technology Platform Sets Terms for IPO; Seeking $2.0b Valuation

BETA Technologies / Equity Capital Markets

<ul>
<li>BETA Technologies (BETA US) is to offer 25.0 million shares at $27-$33 equating to a valuation of $5.9b-$7.2b and can go public as soon as November 4th.</li>
<li>There are a number of anchor order commitments on the cover of the prospectus in addition to a 5% directed share program.</li>
<li>While the company has significant losses, they should be seen in light of its strong potential in low-cost air travel.</li>
</ul>


BETA Technologies (BETA US) is to offer 25.0 million shares at $27-$33 equating to a valuation of $5.9b-$7.2b and can go public as soon as November 4th.
There are a number of anchor order commitments on the cover of the prospectus in addition to a 5% directed share program.
While the company has significant losses, they should be seen in light of its strong potential in low-cost air travel.


BETA Technologies (BETA): Electric Aircraft Maker Sets Wide Range, Seeking up to $7.2b Valuation

United States

MapLight Therapeutics, Inc. is a biopharmaceutical company. The Company focuses on improving the lives of patients suffering from debilitating central nervous system disorders. MapLight Therapeutics operates in the United States.

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MapLight Therapeutics (MPLT US)

MapLight Therapeutics Inc. (MPLT): Oversubscribed Neuroscience IPO Launches with a Bright Start

MapLight Therapeutics Inc. (MPLT) sees strong investor demand, pricing IPO above range and opening with 11.7% gain on first trade.

IPO Boutique

Maplight Therapeutics (MPLT): Clubby Biotech Deal Anticipated as IPO Market Pushes Ahead

MapLight Therapeutics secures significant anchor order and private placement, poised for success with strong investor support and scientific...

IPO Boutique

Evommune Inc. (EVMN): RA Capital Backed Biotech Tests the IPO Market

Phase 2 data for EVO756 in dermographism leads to successful $115M Series C funding and oversubscribed IPO for Evommune, signaling strong...

IPO Boutique

Exzeo Group, Inc. (XZO): Insurance Technology Platform Sets Terms for IPO; Seeking $2.0b Valuation

Exzeo Group plans to go public with 8 million shares at $20-$22, valued at $1.8b-$2.0b, with strong revenue growth of 80% in 1H 2025. Directed...

IPO Boutique

BETA Technologies (BETA): Electric Aircraft Maker Sets Wide Range, Seeking up to $7.2b Valuation

BETA Technologies plans to go public with 25 million shares valued at $5.9b-$7.2b, despite significant losses, highlighting potential in low-cost...

IPO Boutique

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MapLight Therapeutics Inc. (MPLT): Oversubscribed Neuroscience IPO Launches with a Bright Start

​MapLight Therapeutics Inc. (MPLT) sees strong investor demand, pricing IPO above range and opening with 11.7% gain on first trade.

IPO Boutique

Maplight Therapeutics (MPLT): Clubby Biotech Deal Anticipated as IPO Market Pushes Ahead

​MapLight Therapeutics secures significant anchor order and private placement, poised for success with strong investor support and scientific...

IPO Boutique

Evommune Inc. (EVMN): RA Capital Backed Biotech Tests the IPO Market

Phase 2 data for EVO756 in dermographism leads to successful $115M Series C funding and oversubscribed IPO for Evommune, signaling strong...

IPO Boutique

Exzeo Group, Inc. (XZO): Insurance Technology Platform Sets Terms for IPO; Seeking $2.0b Valuation

​Exzeo Group plans to go public with 8 million shares at $20-$22, valued at $1.8b-$2.0b, with strong revenue growth of 80% in 1H 2025. Directed...

IPO Boutique

BETA Technologies (BETA): Electric Aircraft Maker Sets Wide Range, Seeking up to $7.2b Valuation

​BETA Technologies plans to go public with 25 million shares valued at $5.9b-$7.2b, despite significant losses, highlighting potential in low-cost...

IPO Boutique

MapLight Therapeutics Inc. (MPLT) sees strong investor demand, pricing IPO above range and opening with 11.7% gain on first trade.

MapLight Therapeutics secures significant anchor order and private placement, poised for success with strong investor support and scientific...

Exzeo Group plans to go public with 8 million shares at $20-$22, valued at $1.8b-$2.0b, with strong revenue growth of 80% in 1H 2025. Directed...

BETA Technologies plans to go public with 25 million shares valued at $5.9b-$7.2b, despite significant losses, highlighting potential in low-cost...