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 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

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Figma Inc., a fast-growing design software maker with strong VC backing, is expected to price the offering this week.</li>
<li>The company’s amended S-1 puts the initial price range per share at $25.00 to $28.00, implying a market cap of roughly $13B at the midpoint.</li>
<li>I have a positive view of upcoming Figma IPO and expect a strong first trading-day performance. The stock will begin trading on the NYSE on July 28, 2025.</li>
</ul>


Figma Inc., a fast-growing design software maker with strong VC backing, is expected to price the offering this week.
The company’s amended S-1 puts the initial price range per share at $25.00 to $28.00, implying a market cap of roughly $13B at the midpoint.
I have a positive view of upcoming Figma IPO and expect a strong first trading-day performance. The stock will begin trading on the NYSE on July 28, 2025.


Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>Cloud 2025 CapEx consensus increased 70% from January 2024 to the present day $365 billion</li>
<li>Google page views declined 8% since the launch of ChatGPT</li>
<li>Apart from the Mag7, Coatue is heavily focusing investment on companies involved in AI-required power delivery, AI software and AI semiconductors </li>
</ul>


Cloud 2025 CapEx consensus increased 70% from January 2024 to the present day $365 billion
Google page views declined 8% since the launch of ChatGPT
Apart from the Mag7, Coatue is heavily focusing investment on companies involved in AI-required power delivery, AI software and AI semiconductors 


Coatue Doubles Down On An AI Supercycle @ EMW 2025

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-rotem-company" target="_blank" data-smartkarma-citation="entities:1554:1" rel="noopener">Hyundai Rotem</a>, RENK Group and <a href="https://www.smartkarma.com/entities/karman-holdings-inc" target="_blank" data-smartkarma-citation="entities:44289:1" rel="noopener">Karman Holdings</a> will be added to the MV Global Defense Industry Index after the close of trading on 20 June.</li>
<li>Constituent changes, float changes and capping changes result in an estimated one-way turnover of 8.8% and a round-trip trade of US$1.1bn.</li>
<li>The index has moved up steadily over the last few years and the ETF has taken in a big chunk of money over the last 6 months.</li>
</ul>



Hyundai Rotem, RENK Group and Karman Holdings will be added to the MV Global Defense Industry Index after the close of trading on 20 June.
Constituent changes, float changes and capping changes result in an estimated one-way turnover of 8.8% and a round-trip trade of US$1.1bn.
The index has moved up steadily over the last few years and the ETF has taken in a big chunk of money over the last 6 months.


MV Global Defense Industry Index Rebalance: US$1.1bn Round-Trip Trade as Stocks Soar

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The MV Global Defense Industry Index represents the performance of companies in national defense industries.</li>
<li>There will be 3 ADDs for the MV Global Defense Index in June 2025. </li>
<li>We expect one-way flow of US$505mn for June 2025, which translates to a turnover of 8.8%. </li>
</ul>


The MV Global Defense Industry Index represents the performance of companies in national defense industries.
There will be 3 ADDs for the MV Global Defense Index in June 2025. 
We expect one-way flow of US$505mn for June 2025, which translates to a turnover of 8.8%. 


[Quiddity Index] MV Global Defense Jun25 Rebalance Results: Flow Expectations

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Palantir Technologies (PLTR US)

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

Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...

Andrei Zakharov

Coatue Doubles Down On An AI Supercycle @ EMW 2025

Apart from the Mag7, Coatue is heavily focusing investment on companies involved in AI-required power delivery, AI software and AI semiconductors

William Keating

MV Global Defense Industry Index Rebalance: US$1.1bn Round-Trip Trade as Stocks Soar

There are 3 adds to the index. Estimated turnover is 8.8% and round-trip trade is US$1.1bn. The index has moved up a lot and stocks have soared....

Brian Freitas

[Quiddity Index] MV Global Defense Jun25 Rebalance Results: Flow Expectations

The MV Global Defense Index sees 3 ADDs for June 2025. This is an index family which gives short notice. We expect $500mm+ of one-way flows for...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

​Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...

Andrei Zakharov

Coatue Doubles Down On An AI Supercycle @ EMW 2025

Apart from the Mag7, Coatue is heavily focusing investment on companies involved in AI-required power delivery, AI software and AI semiconductors

William Keating

MV Global Defense Industry Index Rebalance: US$1.1bn Round-Trip Trade as Stocks Soar

There are 3 adds to the index. Estimated turnover is 8.8% and round-trip trade is US$1.1bn. The index has moved up a lot and stocks have soared....

Brian Freitas

[Quiddity Index] MV Global Defense Jun25 Rebalance Results: Flow Expectations

The MV Global Defense Index sees 3 ADDs for June 2025. This is an index family which gives short notice. We expect $500mm+ of one-way flows for...

Travis Lundy

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

Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...