Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
  <li>
<a href="https://smartkarma.com/entities/mcgraw-hill-inc">McGraw Hill</a> is a leading educational content and solutions provider, successfully navigating the transition from print to digital with a significant and growing recurring revenue base.</li>
  <li>The company is demonstrating strong growth in its Higher Education segment, driven by market share gains and the adoption of its digital learning platforms.</li>
  <li>A key strategic focus is the integration of AI-powered tools into its digital offerings to create personalized learning experiences, which could be a significant long-term growth driver.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
McGraw Hill is a leading educational content and solutions provider, successfully navigating the transition from print to digital with a significant and growing recurring revenue base.
  The company is demonstrating strong growth in its Higher Education segment, driven by market share gains and the adoption of its digital learning platforms.
  A key strategic focus is the integration of AI-powered tools into its digital offerings to create personalized learning experiences, which could be a significant long-term growth driver.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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

Alliance Laundry Holdings / Equity Capital Markets

<ul>
<li>Alliance Laundry Holdings (ALH US) is offering 34.146 million shares at $19-$22 and will debut on the NYSE on Thursday, October 9th. </li>
<li>The company is backed by BDT Capital who will own 76.0% of this company post-IPO. </li>
<li>The durability of this market will have to be balanced with the valuation and the large amount of indebtedness this company has on the balance sheet. </li>
</ul>


Alliance Laundry Holdings (ALH US) is offering 34.146 million shares at $19-$22 and will debut on the NYSE on Thursday, October 9th. 
The company is backed by BDT Capital who will own 76.0% of this company post-IPO. 
The durability of this market will have to be balanced with the valuation and the large amount of indebtedness this company has on the balance sheet. 


Alliance Laundry Holdings Inc. (ALH): Another Private Equity Backed Company to Test IPO Market

<ul>
<li>Legence sold 26 million shares at $28.00 apiece, in the upper half of the $25 to $29 range.</li>
<li>Shares opened below issue at $27.00, down 3.6% from the offer price, but buying interest built quickly. Within 30 minutes, the stock had crossed above issue and never looked back.</li>
<li>This type of steady aftermarket performance highlights clear institutional support, with buyers adding positions both below and above the issue price on day one.</li>
</ul>


Legence sold 26 million shares at $28.00 apiece, in the upper half of the $25 to $29 range.
Shares opened below issue at $27.00, down 3.6% from the offer price, but buying interest built quickly. Within 30 minutes, the stock had crossed above issue and never looked back.
This type of steady aftermarket performance highlights clear institutional support, with buyers adding positions both below and above the issue price on day one.


Legence Corp. (LGN): Blackstone’s Legence (LGN) Stumbles at Open, Recovers on Buyer Demand

<ul>
<li>The wide $25-$29 range allows for valuation discussion amongst investors and the company. </li>
<li>From 2021 to 2024, their revenues grew at a 39% CAGR and have a $2.8b backlog, however debt overhang remains a concern. </li>
<li>We believe price sensitivity is likely to play a factor and a muted opening is potentially on deck.</li>
</ul>


The wide $25-$29 range allows for valuation discussion amongst investors and the company. 
From 2021 to 2024, their revenues grew at a 39% CAGR and have a $2.8b backlog, however debt overhang remains a concern. 
We believe price sensitivity is likely to play a factor and a muted opening is potentially on deck.


Legence Corp. (LGN): Strong Business Meets Debt Overhang Leaving IPO Investors Skeptical

<ul>
<li>Legence Corp set terms for its IPO and will offer 26 million shares at $25-$29 and is scheduled to debut on Friday, September 12th.</li>
<li>The company is private-equity backed by BlackStone and PE-backed deals have struggled, broadly speaking, in 2025. </li>
<li>From 2021 to 2024, their revenues grew at a CAGR of approximately 39% and as of June 30, 2025, they had $2.8 billion of backlog and awarded contracts.</li>
</ul>


Legence Corp set terms for its IPO and will offer 26 million shares at $25-$29 and is scheduled to debut on Friday, September 12th.
The company is private-equity backed by BlackStone and PE-backed deals have struggled, broadly speaking, in 2025. 
From 2021 to 2024, their revenues grew at a CAGR of approximately 39% and as of June 30, 2025, they had $2.8 billion of backlog and awarded contracts.


Legence Corp. (LGN): Blackstone Backed Engineering Firm Sets Terms for IPO Seeking $3.0b Valuation

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McGraw Hill (MH US)

Primer: McGraw Hill (MH US) - Aug 2026

McGraw Hill is a leading educational content and solutions provider, successfully navigating the transition from print to digital with a...

αSK Primers

Alliance Laundry Holdings Inc. (ALH): Another Private Equity Backed Company to Test IPO Market

Alliance Laundry Holdings set to debut on NYSE with 34.146 million shares offered at $19-$22, backed by BDT Capital. Concerns over valuation and...

IPO Boutique

Legence Corp. (LGN): Blackstone’s Legence (LGN) Stumbles at Open, Recovers on Buyer Demand

Legence's IPO saw strong institutional support as shares quickly rebounded above issue price, indicating strong buying interest.

IPO Boutique

Legence Corp. (LGN): Strong Business Meets Debt Overhang Leaving IPO Investors Skeptical

Investors and company in valuation discussion over wide $25-$29 range, despite strong revenue growth and backlog, debt overhang and price...

IPO Boutique

Legence Corp. (LGN): Blackstone Backed Engineering Firm Sets Terms for IPO Seeking $3.0b Valuation

Legence Corp, backed by BlackStone, sets IPO terms to offer 26 million shares at $25-$29, with strong revenue growth and backlog of $2.8 billion...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: McGraw Hill (MH US) - Aug 2026

McGraw Hill is a leading educational content and solutions provider, successfully navigating the transition from print to digital with a...

αSK Primers

Alliance Laundry Holdings Inc. (ALH): Another Private Equity Backed Company to Test IPO Market

​Alliance Laundry Holdings set to debut on NYSE with 34.146 million shares offered at $19-$22, backed by BDT Capital. Concerns over valuation and...

IPO Boutique

Legence Corp. (LGN): Blackstone’s Legence (LGN) Stumbles at Open, Recovers on Buyer Demand

​Legence's IPO saw strong institutional support as shares quickly rebounded above issue price, indicating strong buying interest.

IPO Boutique

Legence Corp. (LGN): Strong Business Meets Debt Overhang Leaving IPO Investors Skeptical

​Investors and company in valuation discussion over wide $25-$29 range, despite strong revenue growth and backlog, debt overhang and price...

IPO Boutique

Legence Corp. (LGN): Blackstone Backed Engineering Firm Sets Terms for IPO Seeking $3.0b Valuation

​Legence Corp, backed by BlackStone, sets IPO terms to offer 26 million shares at $25-$29, with strong revenue growth and backlog of $2.8 billion...

IPO Boutique

Alliance Laundry Holdings set to debut on NYSE with 34.146 million shares offered at $19-$22, backed by BDT Capital. Concerns over valuation and...

Legence's IPO saw strong institutional support as shares quickly rebounded above issue price, indicating strong buying interest.

Investors and company in valuation discussion over wide $25-$29 range, despite strong revenue growth and backlog, debt overhang and price...

Legence Corp, backed by BlackStone, sets IPO terms to offer 26 million shares at $25-$29, with strong revenue growth and backlog of $2.8 billion...