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

Aardvark Therapeutics / Equity Capital Markets

<ul>
<li>The company priced 5.88 million shares at $16.00—the low end of its $16.00–$18.00 range—and opened immediately underwater at $15.18, a 5.1% decline.</li>
<li>In our pre-pricing notes, we flagged the lack of sector-dedicated crossover funds in earlier rounds and a muted “buzz factor” ahead of launch.</li>
<li>Aardvark closed out the 2025 biotech IPO calendar—and in many ways, its performance “froze” the market.</li>
</ul>


The company priced 5.88 million shares at $16.00—the low end of its $16.00–$18.00 range—and opened immediately underwater at $15.18, a 5.1% decline.
In our pre-pricing notes, we flagged the lack of sector-dedicated crossover funds in earlier rounds and a muted “buzz factor” ahead of launch.
Aardvark closed out the 2025 biotech IPO calendar—and in many ways, its performance “froze” the market.


Aardvark Therapeutics (AARD) Six Month Summary: A Cold Debut That Froze the Biotech Market

Sionna Therapeutics / Equity Capital Markets

<ul>
<li>. The company priced an upsized 10.6 million share deal at $18.00—the high end of its $16.00–$18.00 range—and opened at $25.00, a 38.9% premium at first trade.</li>
<li>The turnaround began in late April, and the rebound was steady. A key catalyst came in June when Sionna reported Phase I data that met market expectations.</li>
<li>Behind Metsera, Sionna Therapeutics has been the number two biotech IPO performer in 2025. </li>
</ul>


. The company priced an upsized 10.6 million share deal at $18.00—the high end of its $16.00–$18.00 range—and opened at $25.00, a 38.9% premium at first trade.
The turnaround began in late April, and the rebound was steady. A key catalyst came in June when Sionna reported Phase I data that met market expectations.
Behind Metsera, Sionna Therapeutics has been the number two biotech IPO performer in 2025. 


Sionna Therapeutics (SION) Six Month Summary: Hot Start, Cold Reality, and a Strong Spring Rebound

<ul>
<li>The company priced a downsized 15.3 million share offering at $18.00, notably above its initial $15–$17 range in late January.</li>
<li>After the biotech sector took a hit in April, Metsera shares rallied back to a high of $47.40 in mid-July, nearly tripling off the lows.</li>
<li>Metsera’s trajectory will be determined by data. With two clinical trials underway and expectations rising, the year-end readout for MET-233i could meaningfully shift the valuation—up or down.</li>
</ul>


The company priced a downsized 15.3 million share offering at $18.00, notably above its initial $15–$17 range in late January.
After the biotech sector took a hit in April, Metsera shares rallied back to a high of $47.40 in mid-July, nearly tripling off the lows.
Metsera’s trajectory will be determined by data. With two clinical trials underway and expectations rising, the year-end readout for MET-233i could meaningfully shift the valuation—up or down.


Metsera Inc (MTSR) Six Month Summary: The Bright Spot in a Quiet Biotech Year

<ul>
<li>Biopharmaceutical company on a mission to revolutionize the current treatment paradigm for cystic fibrosis opened its IPO 39% above issue.</li>
<li>The transaction was upsized from 8.8mm shares to 10.6mm shares and priced at the high-end of the range.</li>
<li>The IPOs that are more apt to see "follow-through" in the aftermarket are those with product candidates in later stage. This IPO does not meet that criteria. </li>
</ul>


Biopharmaceutical company on a mission to revolutionize the current treatment paradigm for cystic fibrosis opened its IPO 39% above issue.
The transaction was upsized from 8.8mm shares to 10.6mm shares and priced at the high-end of the range.
The IPOs that are more apt to see "follow-through" in the aftermarket are those with product candidates in later stage. This IPO does not meet that criteria. 


Sionna Therapeutics Inc. (SION): RA Capital Backed Biotech IPO Booms in Debut

<ul>
<li>The current price guidance is pointing to the high-end of the prevailing $16-$18 range with allocations expected to be "cut-back".</li>
<li>This biotech is extremely well-backed with RA Capital entering the IPO as the company's largest shareholder (29.2% pre-IPO stake).</li>
<li>Clinical-Stage biopharmaceutical company on a mission to revolutionize the current treatment paradigm for cystic fibrosis (“CF”) patients is set to go public on Friday. </li>
</ul>


The current price guidance is pointing to the high-end of the prevailing $16-$18 range with allocations expected to be "cut-back".
This biotech is extremely well-backed with RA Capital entering the IPO as the company's largest shareholder (29.2% pre-IPO stake).
Clinical-Stage biopharmaceutical company on a mission to revolutionize the current treatment paradigm for cystic fibrosis (“CF”) patients is set to go public on Friday. 


Sionna Therapeutics Inc. (SION): Biotech Guiding to High-End Pricing; Expecting Strong Outcome

United States

Maze Therapeutics is a clinical-stage biopharmaceutical company harnessing the power of human genetics to develop novel, small molecule precision medicines for patients living with renal, cardiovascular, and related metabolic diseases, including obesity.

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Maze Therapeutics (MAZE US)

Aardvark Therapeutics (AARD) Six Month Summary: A Cold Debut That Froze the Biotech Market

Aardvark's biotech IPO priced at low end, opened underwater, highlighting lack of sector interest and market freeze in 2025.

IPO Boutique

Sionna Therapeutics (SION) Six Month Summary: Hot Start, Cold Reality, and a Strong Spring Rebound

Sionna Therapeutics' successful IPO sees strong market debut with 38.9% premium, fueled by positive Phase I data for Metsera.

IPO Boutique

Metsera Inc (MTSR) Six Month Summary: The Bright Spot in a Quiet Biotech Year

Metsera's stock offering priced above range, shares rally to $47.40, trajectory hinges on upcoming clinical trial data for MET-233i.

IPO Boutique

Sionna Therapeutics Inc. (SION): RA Capital Backed Biotech IPO Booms in Debut

Biopharmaceutical company with potential cystic fibrosis treatment opens IPO above issue, but may not see strong aftermarket performance due to...

IPO Boutique

Sionna Therapeutics Inc. (SION): Biotech Guiding to High-End Pricing; Expecting Strong Outcome

Clinical-stage biopharmaceutical company backed by RA Capital set to go public with price guidance at high end of range, allocations expected to...

IPO Boutique

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Aardvark Therapeutics (AARD) Six Month Summary: A Cold Debut That Froze the Biotech Market

​Aardvark's biotech IPO priced at low end, opened underwater, highlighting lack of sector interest and market freeze in 2025.

IPO Boutique

Sionna Therapeutics (SION) Six Month Summary: Hot Start, Cold Reality, and a Strong Spring Rebound

​Sionna Therapeutics' successful IPO sees strong market debut with 38.9% premium, fueled by positive Phase I data for Metsera.

IPO Boutique

Metsera Inc (MTSR) Six Month Summary: The Bright Spot in a Quiet Biotech Year

​Metsera's stock offering priced above range, shares rally to $47.40, trajectory hinges on upcoming clinical trial data for MET-233i.

IPO Boutique

Sionna Therapeutics Inc. (SION): RA Capital Backed Biotech IPO Booms in Debut

​Biopharmaceutical company with potential cystic fibrosis treatment opens IPO above issue, but may not see strong aftermarket performance due to...

IPO Boutique

Sionna Therapeutics Inc. (SION): Biotech Guiding to High-End Pricing; Expecting Strong Outcome

​Clinical-stage biopharmaceutical company backed by RA Capital set to go public with price guidance at high end of range, allocations expected to...

IPO Boutique

Aardvark's biotech IPO priced at low end, opened underwater, highlighting lack of sector interest and market freeze in 2025.

Sionna Therapeutics' successful IPO sees strong market debut with 38.9% premium, fueled by positive Phase I data for Metsera.

Metsera's stock offering priced above range, shares rally to $47.40, trajectory hinges on upcoming clinical trial data for MET-233i.

Biopharmaceutical company with potential cystic fibrosis treatment opens IPO above issue, but may not see strong aftermarket performance due to...

Clinical-stage biopharmaceutical company backed by RA Capital set to go public with price guidance at high end of range, allocations expected to...