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

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

<ul>
<li>Navan is offering 36.9mm shares at $24-$26 and will debut on October 31st invoking a 20-day effectiveness rule during the current government shutdown.</li>
<li>Their revenue grew 33% year-over-year from $402 million in fiscal 2024 to $537 million in fiscal 2025.</li>
<li>Navan (formerly TripActions) is led by two high-profile co-founders who previously sold had a business acquired in this space.</li>
</ul>


Navan is offering 36.9mm shares at $24-$26 and will debut on October 31st invoking a 20-day effectiveness rule during the current government shutdown.
Their revenue grew 33% year-over-year from $402 million in fiscal 2024 to $537 million in fiscal 2025.
Navan (formerly TripActions) is led by two high-profile co-founders who previously sold had a business acquired in this space.


Navan Inc. (NAVN):AI-Powered Booking System Pushes Ahead with IPO Amidst Government Shutdown

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>TravelPerk raised $200 million in a Series E round in January 2025 that valued the company at $2.7 billion, nearly doubling its previous valuation.</li><li>The business model benefits from high switching costs once companies integrate TravelPerk into their expense workflows and employee travel habits.</li><li>TravelPerk maintains gross margins around 60% by combining software licensing with transaction processing.</li></ul>

TravelPerk raised $200 million in a Series E round in January 2025 that valued the company at $2.7 billion, nearly doubling its previous valuation.The business model benefits from high switching costs once companies integrate TravelPerk into their expense workflows and employee travel habits.TravelPerk maintains gross margins around 60% by combining software licensing with transaction processing.

<ul>
<li>The company that describes itself as an end-to-end, AI-powered software platform filed for an IPO on September 19th.</li>
<li>Goldman Sachs, Citigroup, Jefferies, Mizuho, Morgan Stanley are the lead underwriters on the transaction. </li>
<li>Their revenue grew 30% period-over-period from $254 million for the six months ended July 31, 2024 to $329 million for the six months ended July 31, 2025.</li>
</ul>


The company that describes itself as an end-to-end, AI-powered software platform filed for an IPO on September 19th.
Goldman Sachs, Citigroup, Jefferies, Mizuho, Morgan Stanley are the lead underwriters on the transaction. 
Their revenue grew 30% period-over-period from $254 million for the six months ended July 31, 2024 to $329 million for the six months ended July 31, 2025.


Navan Inc. (NAVN): Peeking at the IPO Prospectus of an AI-Powered Booking System

<ul><li>AppZen raised $180 million in a Series D round in September 2025 led by Riverwood Capital, with Riverwood as the sole participant in the growth financing.</li><li>SAP Concur has ended its partnership with AppZen and now resells Oversight&#39;s AI risk analytics as Concur Detect, cutting off AppZen&#39;s historic channel partner.</li><li>AppZen&#39;s ability to operate across 40+ languages and 60+ countries positions it well for multinational corporations dealing with complex regulatory requirements like EU AI Act compliance mandates starting in 2025.</li></ul>

AppZen raised $180 million in a Series D round in September 2025 led by Riverwood Capital, with Riverwood as the sole participant in the growth financing.SAP Concur has ended its partnership with AppZen and now resells Oversight&#39;s AI risk analytics as Concur Detect, cutting off AppZen&#39;s historic channel partner.AppZen&#39;s ability to operate across 40+ languages and 60+ countries positions it well for multinational corporations dealing with complex regulatory requirements like EU AI Act compliance mandates starting in 2025.

United States

Navan, Inc. provides software solutions. The Company offers a platform that allows users to book, view, and manage their business travel and expenses. Navan serves customers worldwide.

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Navan (NAVN US)

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

Navan Inc. (NAVN):AI-Powered Booking System Pushes Ahead with IPO Amidst Government Shutdown

Navan to debut on Oct 31 with 36.9mm shares at $24-$26, despite government shutdown. Led by co-founders with successful track record in the...

IPO Boutique

Primer: TravelPerk - 02 Oct 2025

Travel and expense management software for booking and controlling corporate travel

Sacra

Navan Inc. (NAVN): Peeking at the IPO Prospectus of an AI-Powered Booking System

AI-powered software platform files for IPO with lead underwriters Goldman Sachs, Citigroup, Jefferies, Mizuho, and Morgan Stanley, showing 30%...

IPO Boutique

Primer: AppZen - 22 Sep 2025

AI platform for finance teams to automate expense audits, accounts payable, and corporate card management

Sacra

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Navan Inc. (NAVN):AI-Powered Booking System Pushes Ahead with IPO Amidst Government Shutdown

​Navan to debut on Oct 31 with 36.9mm shares at $24-$26, despite government shutdown. Led by co-founders with successful track record in the...

IPO Boutique

Primer: TravelPerk - 02 Oct 2025

Travel and expense management software for booking and controlling corporate travel

Sacra

Navan Inc. (NAVN): Peeking at the IPO Prospectus of an AI-Powered Booking System

​AI-powered software platform files for IPO with lead underwriters Goldman Sachs, Citigroup, Jefferies, Mizuho, and Morgan Stanley, showing 30%...

IPO Boutique

Primer: AppZen - 22 Sep 2025

AI platform for finance teams to automate expense audits, accounts payable, and corporate card management

Sacra

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

Navan to debut on Oct 31 with 36.9mm shares at $24-$26, despite government shutdown. Led by co-founders with successful track record in the...

AI-powered software platform files for IPO with lead underwriters Goldman Sachs, Citigroup, Jefferies, Mizuho, and Morgan Stanley, showing 30%...