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>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

Sailpoint Technologies Holdings / Equity Capital Markets

<ul>
<li>The IPO priced 60.0 million shares (upsized from 50.0 million) at $23.00, the high end of the upwardly revised $19–$21 range, only to open flat and trade poorly.</li>
<li>Underwriters failed to properly assess book quality. While the order book was reportedly 20× covered, the aftermarket behavior revealed that much of this “demand” lacked conviction.</li>
<li>The stock’s underperformance will likely keep momentum buyers on the sidelines until the company strings together multiple quarters of beats and raises.</li>
</ul>


The IPO priced 60.0 million shares (upsized from 50.0 million) at $23.00, the high end of the upwardly revised $19–$21 range, only to open flat and trade poorly.
Underwriters failed to properly assess book quality. While the order book was reportedly 20× covered, the aftermarket behavior revealed that much of this “demand” lacked conviction.
The stock’s underperformance will likely keep momentum buyers on the sidelines until the company strings together multiple quarters of beats and raises.


SailPoint, Inc. (SAIL) Six Month Summary: A Textbook Case of an IPO Overreach

<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

United States

NIQ Global Intelligence plc is a consumer intelligence company. The Company provides brands, retailers, and other clients with a complete view of consumer shopping behavior globally to drive mission-critical strategic and operating decisions and facilitates in improving economic outcomes. NIQ Global Intelligence operates worldwide.

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NIQ Global Intelligence (NIQ US)

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

SailPoint, Inc. (SAIL) Six Month Summary: A Textbook Case of an IPO Overreach

IPO priced high at $23.00, but opened flat and traded poorly due to lack of conviction in demand. Underperformance may deter momentum buyers until...

IPO Boutique

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

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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

SailPoint, Inc. (SAIL) Six Month Summary: A Textbook Case of an IPO Overreach

​IPO priced high at $23.00, but opened flat and traded poorly due to lack of conviction in demand. Underperformance may deter momentum buyers until...

IPO Boutique

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

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...

IPO priced high at $23.00, but opened flat and traded poorly due to lack of conviction in demand. Underperformance may deter momentum buyers until...

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...