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

<ul>
<li>McGraw Hill (MH US) priced a full-size offering of 24.4mm shares at $17.00 and saw a flat opening print. </li>
<li>This was the second private equity backed deal of the week and second to trade below issue.</li>
<li>Ultimately, the deal did not have the "strength" and was forced to give-way to the buy-side with a $2 discount below the low-end of the range.</li>
</ul>


McGraw Hill (MH US) priced a full-size offering of 24.4mm shares at $17.00 and saw a flat opening print. 
This was the second private equity backed deal of the week and second to trade below issue.
Ultimately, the deal did not have the "strength" and was forced to give-way to the buy-side with a $2 discount below the low-end of the range.


McGraw Hill, Inc. (MH): Another Private Equity Backed IPO Trades Below Issue, Closes Flat

NIQ Global Intelligence / Equity Capital Markets

<ul>
<li>NIQ Global priced a full-size offering of 50.0mm shares at $21.00 and opened at $20.25 for a loss of 3.6%. </li>
<li>This company is private equity–backed by Advent International. PE-backed companies often are a more difficult sell due to the high level of debt these companies carry.</li>
<li>Typically, "broken IPOs" have an overhang in the short term and we see a scenario where this plays out in this case. </li>
</ul>


NIQ Global priced a full-size offering of 50.0mm shares at $21.00 and opened at $20.25 for a loss of 3.6%. 
This company is private equity–backed by Advent International. PE-backed companies often are a more difficult sell due to the high level of debt these companies carry.
Typically, "broken IPOs" have an overhang in the short term and we see a scenario where this plays out in this case. 


NIQ Global Intelligence (NIQ): Another Private Equity Bust, IPO Closes Nearly Two Points Below Issue

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mcgraw-hill-inc" target="_blank" data-smartkarma-citation="entities:45393:1" rel="noopener">McGraw Hill (MH US)</a> , a leading name in educational publishing, is offering 24.39 mn shares to raise up to USD537 mn targeting an equity valuation of USD4.2 billion.</li>
<li>McGraw Hill is a global provider of educational content and digital learning solutions, serving the K-12, higher education, and professional learning markets. Digital segment accounted for 65% of its revenues.</li>
<li>McGraw Hill’s transition from print to predominantly digital positions the company to benefit from several structural shifts in the education sector.</li>
</ul>



McGraw Hill (MH US) , a leading name in educational publishing, is offering 24.39 mn shares to raise up to USD537 mn targeting an equity valuation of USD4.2 billion.
McGraw Hill is a global provider of educational content and digital learning solutions, serving the K-12, higher education, and professional learning markets. Digital segment accounted for 65% of its revenues.
McGraw Hill’s transition from print to predominantly digital positions the company to benefit from several structural shifts in the education sector.


McGraw Hill IPO: Legacy Publisher to an EdTech Play. Key Facts, Financials and Valuation

<ul>
<li>McGraw Hill (MH US) , is  offering 24.39mm shares at $19.00-$22.00 equating to a market cap of $3.6b-$4.2b and is scheduled to debut on July 24th.</li>
<li>We were pleasantly "surprised" to hear that the deal's channel checks came in strong. According to guidance, the deal is multiple-times oversubscribed with continued long-only conversions.</li>
<li>Bringing the IPO at a valuation that is a down-round is a "positive", however the sector in which this company operates in “may” prove to be a difficult sell.</li>
</ul>


McGraw Hill (MH US) , is  offering 24.39mm shares at $19.00-$22.00 equating to a market cap of $3.6b-$4.2b and is scheduled to debut on July 24th.
We were pleasantly "surprised" to hear that the deal's channel checks came in strong. According to guidance, the deal is multiple-times oversubscribed with continued long-only conversions.
Bringing the IPO at a valuation that is a down-round is a "positive", however the sector in which this company operates in “may” prove to be a difficult sell.


McGraw Hill, Inc. (MH): Caution Needed for Upcoming PE-Backed Legacy Education IPO

<ul>
<li>McGraw Hill is offering 24.39mm shares at $19.00-$22.00 equating to a market cap of $3.6b-$4.2b and is scheduled to debut on July 24th.</li>
<li>The company is backed by Platinum Equity, a private equity firm that acquired the company from Apollo Global Management for approximately $4.5 billion in August 2021. </li>
<li>Private Equity IPOs are to be a theme in the 2H of 2025 and McGraw Hill will be a test for the market based on the financial profile.</li>
</ul>


McGraw Hill is offering 24.39mm shares at $19.00-$22.00 equating to a market cap of $3.6b-$4.2b and is scheduled to debut on July 24th.
The company is backed by Platinum Equity, a private equity firm that acquired the company from Apollo Global Management for approximately $4.5 billion in August 2021. 
Private Equity IPOs are to be a theme in the 2H of 2025 and McGraw Hill will be a test for the market based on the financial profile.


McGraw Hill, Inc. (MH): Legacy Education Company Sets Terms, Down-Round from 2021 Purchase

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McGraw Hill (MH US)

McGraw Hill, Inc. (MH): Another Private Equity Backed IPO Trades Below Issue, Closes Flat

McGraw Hill's IPO priced at $17/share, opened flat, and traded below issue due to lack of strength, selling at a $2 discount below the low-end of...

IPO Boutique

NIQ Global Intelligence (NIQ): Another Private Equity Bust, IPO Closes Nearly Two Points Below Issue

NIQ Global, backed by Advent International, priced an offering at $21.00, opening at $20.25 for a 3.6% loss marking another private equity backed...

IPO Boutique

McGraw Hill IPO: Legacy Publisher to an EdTech Play. Key Facts, Financials and Valuation

McGraw Hill’s public offer pricing looks reasonable, with potential upside as the market re-evaluates legacy education publishers transitioning...

Devi Subhakesan

McGraw Hill, Inc. (MH): Caution Needed for Upcoming PE-Backed Legacy Education IPO

McGraw Hill is offering shares at $19-$22, oversubscribed IPO with potential challenges in the sector. Scheduled debut on July 24th.

IPO Boutique

McGraw Hill, Inc. (MH): Legacy Education Company Sets Terms, Down-Round from 2021 Purchase

McGraw Hill to debut on July 24th with 24.39mm shares priced at $19.00-$22.00, backed by Platinum Equity in a $3.6b-$4.2b market cap IPO, testing...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

McGraw Hill, Inc. (MH): Another Private Equity Backed IPO Trades Below Issue, Closes Flat

​McGraw Hill's IPO priced at $17/share, opened flat, and traded below issue due to lack of strength, selling at a $2 discount below the low-end of...

IPO Boutique

NIQ Global Intelligence (NIQ): Another Private Equity Bust, IPO Closes Nearly Two Points Below Issue

​NIQ Global, backed by Advent International, priced an offering at $21.00, opening at $20.25 for a 3.6% loss marking another private equity backed...

IPO Boutique

McGraw Hill IPO: Legacy Publisher to an EdTech Play. Key Facts, Financials and Valuation

McGraw Hill’s public offer pricing looks reasonable, with potential upside as the market re-evaluates legacy education publishers transitioning...

Devi Subhakesan

McGraw Hill, Inc. (MH): Caution Needed for Upcoming PE-Backed Legacy Education IPO

​McGraw Hill is offering shares at $19-$22, oversubscribed IPO with potential challenges in the sector. Scheduled debut on July 24th.

IPO Boutique

McGraw Hill, Inc. (MH): Legacy Education Company Sets Terms, Down-Round from 2021 Purchase

​McGraw Hill to debut on July 24th with 24.39mm shares priced at $19.00-$22.00, backed by Platinum Equity in a $3.6b-$4.2b market cap IPO, testing...

IPO Boutique

McGraw Hill's IPO priced at $17/share, opened flat, and traded below issue due to lack of strength, selling at a $2 discount below the low-end of...

NIQ Global, backed by Advent International, priced an offering at $21.00, opening at $20.25 for a 3.6% loss marking another private equity backed...

McGraw Hill is offering shares at $19-$22, oversubscribed IPO with potential challenges in the sector. Scheduled debut on July 24th.

McGraw Hill to debut on July 24th with 24.39mm shares priced at $19.00-$22.00, backed by Platinum Equity in a $3.6b-$4.2b market cap IPO, testing...