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 priced 47.8 million shares at $19.00, the high end of its upwardly revised $17–$19 range, before opening at $23.00 for a 21.0% premium to issue.</li>
<li>The offering was classified as multiple-times oversubscribed --our sources saying north of 20-times oversubscribed-- with strong participation from long-only funds and 1-on-1 conversions.</li>
<li>Over the next month, the real test will be whether the stock avoids the all-too-common “sell the news” trend that’s hit many recent IPOs.</li>
</ul>


The company priced 47.8 million shares at $19.00, the high end of its upwardly revised $17–$19 range, before opening at $23.00 for a 21.0% premium to issue.
The offering was classified as multiple-times oversubscribed --our sources saying north of 20-times oversubscribed-- with strong participation from long-only funds and 1-on-1 conversions.
Over the next month, the real test will be whether the stock avoids the all-too-common “sell the news” trend that’s hit many recent IPOs.


Netskope, Inc. (NTSK): Cybersecurity Leader Pops 21% on IPO After Pricing with Strength

<ul>
<li>Netskope will offer 47.8 million shares at $15-$17 equating to a market cap of $5.7b-$6.5b and will debut on Thursday, 9/18.</li>
<li>According to our sources, the deal is multiple-times oversubscribed with long-only and 1-on-1 conversions. There is currently no price sensitivity in the offering. </li>
<li>While the company operates with steep losses, it is our opinion that the business continues to be innovative and grow in a sticky cybersecurity sector.</li>
</ul>


Netskope will offer 47.8 million shares at $15-$17 equating to a market cap of $5.7b-$6.5b and will debut on Thursday, 9/18.
According to our sources, the deal is multiple-times oversubscribed with long-only and 1-on-1 conversions. There is currently no price sensitivity in the offering. 
While the company operates with steep losses, it is our opinion that the business continues to be innovative and grow in a sticky cybersecurity sector.


Netskope, Inc. (NTSK): Cybersecurity Leader Draws Eyes with Robust Recurring Revenue

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>Sacra estimates that Netskope hit $707M in annual recurring revenue (ARR) in July 2025, up from $618M at the end of 2024 and up 33% YoY from $531M in July 2024.</li><li>Looking ahead, Netskope seems primed for an IPO in the next 1-2 years.</li><li>Despite the worst SaaS growth downturn in years, Netskope is still growing 30%+ YoY.</li></ul>

Sacra estimates that Netskope hit $707M in annual recurring revenue (ARR) in July 2025, up from $618M at the end of 2024 and up 33% YoY from $531M in July 2024.Looking ahead, Netskope seems primed for an IPO in the next 1-2 years.Despite the worst SaaS growth downturn in years, Netskope is still growing 30%+ YoY.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Netskope Inc., a cloud-native cybersecurity company that redefines security and network for the era of cloud and AI, has announced the initial price range for its US IPO.</li>
<li>The offering is expected to be between $15.00 and $17.00 per share, implying a market cap of ~$6.2B at midpoint, ~22% discount to last round valuation of $7.5B.</li>
<li>IPO valuation at midpoint is very attractive valuation for a company that grows 30%+ per year. I have a positive view of upcoming Netskope IPO and see substantial “IPO pop”.</li>
</ul>


Netskope Inc., a cloud-native cybersecurity company that redefines security and network for the era of cloud and AI, has announced the initial price range for its US IPO.
The offering is expected to be between $15.00 and $17.00 per share, implying a market cap of ~$6.2B at midpoint, ~22% discount to last round valuation of $7.5B.
IPO valuation at midpoint is very attractive valuation for a company that grows 30%+ per year. I have a positive view of upcoming Netskope IPO and see substantial “IPO pop”.


Netskope IPO (NTSK.US): Very Attractive Valuation For a Company That Grows 30%+ Per Year

<ul>
<li>Netskope will offer 47.8 million shares at $15-$17 equating to a market cap of $5.7b-$6.5b.</li>
<li>Their revenue was $251.3 million and $328.5 million and their net loss was $206.7 million and $169.5 million in the first half of fiscal 2024 and 2025, respectively. </li>
<li>The company's financials are strong with 31% revenue growth in the 1H 2025 and is cash-flow positive in a sector that IPO investors typically embrace -- cybersecurity. </li>
</ul>


Netskope will offer 47.8 million shares at $15-$17 equating to a market cap of $5.7b-$6.5b.
Their revenue was $251.3 million and $328.5 million and their net loss was $206.7 million and $169.5 million in the first half of fiscal 2024 and 2025, respectively. 
The company's financials are strong with 31% revenue growth in the 1H 2025 and is cash-flow positive in a sector that IPO investors typically embrace -- cybersecurity. 


Netskope, Inc. (NTSK): Cybersecurity Firm Sets Terms for IPO Seeking $800m Raise; $6.5b Valuation

United States

Netskope, Inc. provides cloud security platform. The Company offers network transformation, security modernization, and framework solutions in the sector of financial services and insurance, legal, education, manufacturing, and public sectors. Netskope serves customers worldwide.

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Netskope (NTSK US)

Netskope, Inc. (NTSK): Cybersecurity Leader Pops 21% on IPO After Pricing with Strength

Company prices shares at high end of range, opens at 21% premium. Offering oversubscribed with strong participation. Stock faces test to avoid...

IPO Boutique

Netskope, Inc. (NTSK): Cybersecurity Leader Draws Eyes with Robust Recurring Revenue

Netskope set to debut on Thursday with 47.8 million shares at $15-$17, oversubscribed deal in cybersecurity sector with no price sensitivity.

IPO Boutique

Primer: Netskope - 10 Sep 2025

Cloud security software for managing app access, data protection, and threat prevention

Sacra

Netskope IPO (NTSK.US): Very Attractive Valuation For a Company That Grows 30%+ Per Year

Cloud-native cybersecurity unicorn Netskope announces IPO price range of $15.00-$17.00 per share, with a market cap of ~$6.2B at midpoint,...

Andrei Zakharov

Netskope, Inc. (NTSK): Cybersecurity Firm Sets Terms for IPO Seeking $800m Raise; $6.5b Valuation

Netskope to offer 47.8 million shares at $15-$17, showing strong financials with 31% revenue growth in 1H 2025 and cash-flow positive in...

IPO Boutique

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Netskope, Inc. (NTSK): Cybersecurity Leader Pops 21% on IPO After Pricing with Strength

​Company prices shares at high end of range, opens at 21% premium. Offering oversubscribed with strong participation. Stock faces test to avoid...

IPO Boutique

Netskope, Inc. (NTSK): Cybersecurity Leader Draws Eyes with Robust Recurring Revenue

​Netskope set to debut on Thursday with 47.8 million shares at $15-$17, oversubscribed deal in cybersecurity sector with no price sensitivity.

IPO Boutique

Primer: Netskope - 10 Sep 2025

Cloud security software for managing app access, data protection, and threat prevention

Sacra

Netskope IPO (NTSK.US): Very Attractive Valuation For a Company That Grows 30%+ Per Year

​Cloud-native cybersecurity unicorn Netskope announces IPO price range of $15.00-$17.00 per share, with a market cap of ~$6.2B at midpoint,...

Andrei Zakharov

Netskope, Inc. (NTSK): Cybersecurity Firm Sets Terms for IPO Seeking $800m Raise; $6.5b Valuation

​Netskope to offer 47.8 million shares at $15-$17, showing strong financials with 31% revenue growth in 1H 2025 and cash-flow positive in...

IPO Boutique

Company prices shares at high end of range, opens at 21% premium. Offering oversubscribed with strong participation. Stock faces test to avoid...

Netskope set to debut on Thursday with 47.8 million shares at $15-$17, oversubscribed deal in cybersecurity sector with no price sensitivity.

Cloud-native cybersecurity unicorn Netskope announces IPO price range of $15.00-$17.00 per share, with a market cap of ~$6.2B at midpoint,...

Netskope to offer 47.8 million shares at $15-$17, showing strong financials with 31% revenue growth in 1H 2025 and cash-flow positive in...