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 global digital asset platform that provides market infrastructure and information services increased its price range and shares being offered on Monday morning.</li>
<li>Looking at the prospectus, there is a $200 million anchor order from Ark Investment and BlackRock.</li>
<li>The Bullish IPO is looking to ride the tailwinds from the regulatory wins in the digital asset space as well as the success of recent IPOs.</li>
</ul>


The global digital asset platform that provides market infrastructure and information services increased its price range and shares being offered on Monday morning.
Looking at the prospectus, there is a $200 million anchor order from Ark Investment and BlackRock.
The Bullish IPO is looking to ride the tailwinds from the regulatory wins in the digital asset space as well as the success of recent IPOs.


Bullish US LLC (BLSH): IPO Range and Size Increased, Next Digital Asset Moonshot on Deck

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Palantir Technologies  / Equity Bottom-Up

<ul><li>Palantir Technologies has transformed from a scrappy Silicon Valley startup into a national-security powerhouse with remarkable speed.</li><li>In Q2 2025, the company reported over $1 billion in revenue—its first billion-dollar quarter—driven by 68% year-over-year growth in its U.S. business and record-high contract bookings of $2.3 billion.</li><li>Under CEO Alex Karp’s bold leadership, Palantir has leveraged its deep Washington connections and prescient AI bets—most notably its ontologypowered AIP platform—to secure a 10-year, up to $10 billion Army enterprise agreement, multiple Defense Department delivery orders, and rapid crisis-response deployments in Ukraine, Israel, and pandemic relief.</li></ul>

Palantir Technologies has transformed from a scrappy Silicon Valley startup into a national-security powerhouse with remarkable speed.In Q2 2025, the company reported over $1 billion in revenue—its first billion-dollar quarter—driven by 68% year-over-year growth in its U.S. business and record-high contract bookings of $2.3 billion.Under CEO Alex Karp’s bold leadership, Palantir has leveraged its deep Washington connections and prescient AI bets—most notably its ontologypowered AIP platform—to secure a 10-year, up to $10 billion Army enterprise agreement, multiple Defense Department delivery orders, and rapid crisis-response deployments in Ukraine, Israel, and pandemic relief.

Palantir’s 600% Rally: Can 100x Revenue Valuation Ever Be Justified?

<ul>
<li>Bullish US will offer 20.3 million shares at $28-$31 and is scheduled to debut on Wednesday (8/13). </li>
<li>BlackRock, Inc., and ARK Investment Management, LLC and/or its affiliated entitiesindicated an interest in purchasing up to an aggregate of $200 million in this offering. </li>
<li>A combination of highly-notable existing shareholder base, anchor orders and tailwinds from the industry will likely have this IPO in high demand. </li>
</ul>


Bullish US will offer 20.3 million shares at $28-$31 and is scheduled to debut on Wednesday (8/13). 
BlackRock, Inc., and ARK Investment Management, LLC and/or its affiliated entitiesindicated an interest in purchasing up to an aggregate of $200 million in this offering. 
A combination of highly-notable existing shareholder base, anchor orders and tailwinds from the industry will likely have this IPO in high demand. 


Bullish US LLC (BLSH): Global Digital Asset Platform Sets Terms Seeking up to $4.2b IPO Valuation

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Figma Inc., a product design leader with strong financial profile, priced its IPO at $33.00/share and raised ~$1.2B.</li>
<li>The company raised the price range to $30.00-$32.00. The stock opened at $85.00 and closed on Thursday at $115.50, up ~250% vs. IPO offer price.</li>
<li>The offering was priced above the marketed range. Figma had a ~$67B market cap at the close, implying a ~62x EV/2025E sky-high multiple on my 2025 revenue estimate of $1056M.</li>
</ul>


Figma Inc., a product design leader with strong financial profile, priced its IPO at $33.00/share and raised ~$1.2B.
The company raised the price range to $30.00-$32.00. The stock opened at $85.00 and closed on Thursday at $115.50, up ~250% vs. IPO offer price.
The offering was priced above the marketed range. Figma had a ~$67B market cap at the close, implying a ~62x EV/2025E sky-high multiple on my 2025 revenue estimate of $1056M.


Figma IPO: Pricing and First Trading-Day, ~$67B Market Cap At The Close, Unsustainable Multiples

<ul>
<li>The is an institutionally focused global digital asset platform that provides market infrastructure and information services.</li>
<li>Reflecting their strong market presence, the Bullish Exchange’s total trading volume since launch has exceeded $1.25 trillion as of March 31, 2025.</li>
<li>The digital assets space, especially crypto-exchanges, is one that has the strong tailwind from legislation passed by lawmakers which is anticipated to increase adoption from a more institutional investor base.</li>
</ul>


The is an institutionally focused global digital asset platform that provides market infrastructure and information services.
Reflecting their strong market presence, the Bullish Exchange’s total trading volume since launch has exceeded $1.25 trillion as of March 31, 2025.
The digital assets space, especially crypto-exchanges, is one that has the strong tailwind from legislation passed by lawmakers which is anticipated to increase adoption from a more institutional investor base.


Bullish US LLC (BLSH): Peeking at the IPO Prospectus of a Powerhouse Global Digital Asset Platform

United States

Palantir Technologies Inc. develops software to analyze information. The Company offers solutions support many kinds of data including structured, unstructured, relational, temporal, and geospatial. Palantir Technologies serves customers worldwide.

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Palantir Technologies (PLTR US)

Bullish US LLC (BLSH): IPO Range and Size Increased, Next Digital Asset Moonshot on Deck

Global digital asset platform increases price range and shares offered in IPO, backed by $200 million anchor order from Ark Investment and...

IPO Boutique

Palantir’s 600% Rally: Can 100x Revenue Valuation Ever Be Justified?

Palantir Technologies has transformed from a scrappy Silicon Valley startup into a national-security powerhouse with remarkable speed. In Q2 2025,...

Baptista Research

Bullish US LLC (BLSH): Global Digital Asset Platform Sets Terms Seeking up to $4.2b IPO Valuation

Bullish US set to debut with 20.3 million shares at $28-$31, attracting interest from BlackRock and ARK Investment Management. High demand...

IPO Boutique

Figma IPO: Pricing and First Trading-Day, ~$67B Market Cap At The Close, Unsustainable Multiples

Figma Inc. went public at $33/share, closed at $115.50, with a market cap of ~$67B, implying a sky-high EV/Revenue multiple on my 2025 revenue...

Andrei Zakharov

Bullish US LLC (BLSH): Peeking at the IPO Prospectus of a Powerhouse Global Digital Asset Platform

The Bullish Exchange surpasses $1.25 trillion in trading volume, benefiting from legislative support for institutional adoption in the digital...

IPO Boutique

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Bullish US LLC (BLSH): IPO Range and Size Increased, Next Digital Asset Moonshot on Deck

​Global digital asset platform increases price range and shares offered in IPO, backed by $200 million anchor order from Ark Investment and...

IPO Boutique

Palantir’s 600% Rally: Can 100x Revenue Valuation Ever Be Justified?

Palantir Technologies has transformed from a scrappy Silicon Valley startup into a national-security powerhouse with remarkable speed. In Q2 2025,...

Baptista Research

Bullish US LLC (BLSH): Global Digital Asset Platform Sets Terms Seeking up to $4.2b IPO Valuation

​Bullish US set to debut with 20.3 million shares at $28-$31, attracting interest from BlackRock and ARK Investment Management. High demand...

IPO Boutique

Figma IPO: Pricing and First Trading-Day, ~$67B Market Cap At The Close, Unsustainable Multiples

​Figma Inc. went public at $33/share, closed at $115.50, with a market cap of ~$67B, implying a sky-high EV/Revenue multiple on my 2025 revenue...

Andrei Zakharov

Bullish US LLC (BLSH): Peeking at the IPO Prospectus of a Powerhouse Global Digital Asset Platform

​The Bullish Exchange surpasses $1.25 trillion in trading volume, benefiting from legislative support for institutional adoption in the digital...

IPO Boutique

Global digital asset platform increases price range and shares offered in IPO, backed by $200 million anchor order from Ark Investment and...

Bullish US set to debut with 20.3 million shares at $28-$31, attracting interest from BlackRock and ARK Investment Management. High demand...

Figma Inc. went public at $33/share, closed at $115.50, with a market cap of ~$67B, implying a sky-high EV/Revenue multiple on my 2025 revenue...

The Bullish Exchange surpasses $1.25 trillion in trading volume, benefiting from legislative support for institutional adoption in the digital...