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

Odyssey Therapeutics / Equity Capital Markets

<ul>
<li>Biotech seeking to transform the standard of care for patients suffering from autoimmune and inflammatory diseases filed its IPO on January 18th</li>
<li>Lead program, OD-07656, is currently in a Phase 2a monotherapy trial for ulcerative colitis</li>
<li>Potential IPO for Odyssey Therapeutics would be the first half of February</li>
</ul>


Biotech seeking to transform the standard of care for patients suffering from autoimmune and inflammatory diseases filed its IPO on January 18th
Lead program, OD-07656, is currently in a Phase 2a monotherapy trial for ulcerative colitis
Potential IPO for Odyssey Therapeutics would be the first half of February


Odyssey Therapeutics, Inc.(ODTX): Biotech Combating Ulcerative Colitis, or UC, Files for IPO

Aardvark Therapeutics / Equity Capital Markets

<ul>
<li>The company priced 5.88 million shares at $16.00—the low end of its $16.00–$18.00 range—and opened immediately underwater at $15.18, a 5.1% decline.</li>
<li>In our pre-pricing notes, we flagged the lack of sector-dedicated crossover funds in earlier rounds and a muted “buzz factor” ahead of launch.</li>
<li>Aardvark closed out the 2025 biotech IPO calendar—and in many ways, its performance “froze” the market.</li>
</ul>


The company priced 5.88 million shares at $16.00—the low end of its $16.00–$18.00 range—and opened immediately underwater at $15.18, a 5.1% decline.
In our pre-pricing notes, we flagged the lack of sector-dedicated crossover funds in earlier rounds and a muted “buzz factor” ahead of launch.
Aardvark closed out the 2025 biotech IPO calendar—and in many ways, its performance “froze” the market.


Aardvark Therapeutics (AARD) Six Month Summary: A Cold Debut That Froze the Biotech Market

United States

Clinical-stage biopharmaceutical company seeking to transform the standard of care for patients suffering from autoimmune and inflammatory diseases by developing medicines that are designed to precisely target disease pathology

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Odyssey Therapeutics (ODTX US)

Odyssey Therapeutics, Inc.(ODTX): Biotech Combating Ulcerative Colitis, or UC, Files for IPO

Biotech company Odyssey Therapeutics files IPO to revolutionize treatment for autoimmune diseases, with lead program in Phase 2 trial for...

IPO Boutique

Aardvark Therapeutics (AARD) Six Month Summary: A Cold Debut That Froze the Biotech Market

Aardvark's biotech IPO priced at low end, opened underwater, highlighting lack of sector interest and market freeze in 2025.

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Odyssey Therapeutics, Inc.(ODTX): Biotech Combating Ulcerative Colitis, or UC, Files for IPO

​Biotech company Odyssey Therapeutics files IPO to revolutionize treatment for autoimmune diseases, with lead program in Phase 2 trial for...

IPO Boutique

Aardvark Therapeutics (AARD) Six Month Summary: A Cold Debut That Froze the Biotech Market

​Aardvark's biotech IPO priced at low end, opened underwater, highlighting lack of sector interest and market freeze in 2025.

IPO Boutique

Biotech company Odyssey Therapeutics files IPO to revolutionize treatment for autoimmune diseases, with lead program in Phase 2 trial for...

Aardvark's biotech IPO priced at low end, opened underwater, highlighting lack of sector interest and market freeze in 2025.