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>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

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>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.

<ul><li>After growth decelerated to 30% year-over-year in 2022, Brex has re-accelerated to 50% year-over-year growth while simultaneously moving from burning $22M monthly to near-profitability.</li><li>Sacra estimates Brex hit $700M in annualized revenue in August 2025, up 50% year-over-year.</li><li>Brex has added top private growth companies as partners including procurement SaaS Zip ($2.2B valuation, $333M raised, BOND) and travel & expense startup Navan ($550M ARR in 2024) positioning as best-in-breed against Ramp’s all-in-one.</li></ul>

After growth decelerated to 30% year-over-year in 2022, Brex has re-accelerated to 50% year-over-year growth while simultaneously moving from burning $22M monthly to near-profitability.Sacra estimates Brex hit $700M in annualized revenue in August 2025, up 50% year-over-year.Brex has added top private growth companies as partners including procurement SaaS Zip ($2.2B valuation, $333M raised, BOND) and travel & expense startup Navan ($550M ARR in 2024) positioning as best-in-breed against Ramp’s all-in-one.

<ul><li>LayerX closed a $100 million Series B round in September 2025, led by TCV.</li><li>LayerX operates a B2B SaaS model with tiered subscription pricing based on feature access and usage volume.</li><li>LayerX is expanding its customer base from small and medium-sized businesses (SMBs) and mid-market clients to larger enterprises, with customer count increasing by 50%, from 10,000 to 15,000 companies, in just over a year.</li></ul>

LayerX closed a $100 million Series B round in September 2025, led by TCV.LayerX operates a B2B SaaS model with tiered subscription pricing based on feature access and usage volume.LayerX is expanding its customer base from small and medium-sized businesses (SMBs) and mid-market clients to larger enterprises, with customer count increasing by 50%, from 10,000 to 15,000 companies, in just over a year.

<ul><li>Sacra estimates Ramp reached $1B in annualized revenue in August 2025, growing 110% YoY.</li><li>Ramp’s 2x+ YoY revenue growth at scale lies in its strength at multiproduct and driving attach from cards & expense management (2019) to bill pay (2021), procurement and travel (2024), and treasury (2025).</li><li>Former partners have become frenemies, with Ramp’s competitive set expanding with each new product, from enterprise finance SaaS incumbents Coupa, Navan & Zip.</li></ul>

Sacra estimates Ramp reached $1B in annualized revenue in August 2025, growing 110% YoY.Ramp’s 2x+ YoY revenue growth at scale lies in its strength at multiproduct and driving attach from cards & expense management (2019) to bill pay (2021), procurement and travel (2024), and treasury (2025).Former partners have become frenemies, with Ramp’s competitive set expanding with each new product, from enterprise finance SaaS incumbents Coupa, Navan & Zip.

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)

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

Brex At $700M/year Growing 50% YoY

TL;DR: After growth decelerated to 30% year-over-year in 2022, Brex has re-accelerated to 50% year-over-year growth while simultaneously moving...

Sacra

Primer: LayerX - 02 Sep 2025

AI SaaS platform automating enterprise back-office workflows including expense management, invoice processing, and corporate card operations

Sacra

Ramp At $1B/year

TL;DR: Growing 100%+ YoY every year from $50M through hundreds of millions in revenue scale, Sacra estimates Ramp reached $1B in annualized revenue...

Sacra

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Brex At $700M/year Growing 50% YoY

TL;DR: After growth decelerated to 30% year-over-year in 2022, Brex has re-accelerated to 50% year-over-year growth while simultaneously moving...

Sacra

Primer: LayerX - 02 Sep 2025

AI SaaS platform automating enterprise back-office workflows including expense management, invoice processing, and corporate card operations

Sacra

Ramp At $1B/year

TL;DR: Growing 100%+ YoY every year from $50M through hundreds of millions in revenue scale, Sacra estimates Ramp reached $1B in annualized revenue...

Sacra

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