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

Phoenix Education Partners / Equity Capital Markets

<ul>
<li>The online education provider priced a full-size offering of 4.25 million shares at $32.00, the high end of its range, before opening at $38.00, a gain of 18.8%.</li>
<li>The stock traded as high as $47.08 in its opening session before closing the day closer to where it opened, $38.15.</li>
<li>Final deal color indicated that the offering was north of 10x oversubscribed, supported by heavy demand from long-only institutional investors.</li>
</ul>


The online education provider priced a full-size offering of 4.25 million shares at $32.00, the high end of its range, before opening at $38.00, a gain of 18.8%.
The stock traded as high as $47.08 in its opening session before closing the day closer to where it opened, $38.15.
Final deal color indicated that the offering was north of 10x oversubscribed, supported by heavy demand from long-only institutional investors.


Phoenix Education Partners (PXED): A Private-Equity Backed IPO Defying 2025 Trends with Strong Debut

<ul>
<li>Management anticipates revenue growth of 5.6–6.1% with stronger performance in the second half, supported by high retention.</li>
<li>The offering was smartly sized to balance investor demand with available float—an important consideration for a deal that could have otherwise been a challenging sell.</li>
<li>They anticipate paying a cash dividend of $0.84 per year which results in a 2.6% yield if the offering prices at the midpoint of the $31-$33 range.</li>
</ul>


Management anticipates revenue growth of 5.6–6.1% with stronger performance in the second half, supported by high retention.
The offering was smartly sized to balance investor demand with available float—an important consideration for a deal that could have otherwise been a challenging sell.
They anticipate paying a cash dividend of $0.84 per year which results in a 2.6% yield if the offering prices at the midpoint of the $31-$33 range.


Phoenix Education Partners (PXED): Apollo-Backed Education IPO Sees Cautious Demand

<ul>
<li>Phoenix Education Partners (PXED US) set terms for its IPO on Tuesday and is offering 4.25 million shares at $31-$33.</li>
<li>Beginning in the first full fiscal quarter following the completion of this offering, they anticipate paying a quarterly cash dividend at a rate initially equal to approximately $0.84 per share.</li>
<li>Phoenix Education, however, stands apart: the company has no debt, is profitable, and even plans to pay a dividend.</li>
</ul>


Phoenix Education Partners (PXED US) set terms for its IPO on Tuesday and is offering 4.25 million shares at $31-$33.
Beginning in the first full fiscal quarter following the completion of this offering, they anticipate paying a quarterly cash dividend at a rate initially equal to approximately $0.84 per share.
Phoenix Education, however, stands apart: the company has no debt, is profitable, and even plans to pay a dividend.


Phoenix Education Partners (PXED): Higher Education Company Sets Terms for IPO

<ul>
<li>In 2017, Apollo Global Management took the University of Phoenix’s parent company, Apollo Education Group, private in a deal valued at roughly $1.1 billion.</li>
<li>Their net revenue was $709.8 million and $749.8 million and their net income was $105.1 million and $116.4 million in the first three quarters of fiscal 2024 and 2025, respectively.</li>
<li>An IPO for Phoenix Education is set for the last week of September or potentially the first half of October.</li>
</ul>


In 2017, Apollo Global Management took the University of Phoenix’s parent company, Apollo Education Group, private in a deal valued at roughly $1.1 billion.
Their net revenue was $709.8 million and $749.8 million and their net income was $105.1 million and $116.4 million in the first three quarters of fiscal 2024 and 2025, respectively.
An IPO for Phoenix Education is set for the last week of September or potentially the first half of October.


Phoenix Education Partners (PXED): Peeking at the Prospectus of Next Higher Education IPO

Grupo Aeromexico / Equity Capital Markets

<ul>
<li>Grupo Aeroméxico priced at $19.00 and closed at $20.35 (+7.1%), marking a solid first-day gain amid strong institutional demand.</li>
<li>IPO reportedly 10x oversubscribed, driven by long-only and international accounts, signaling strong conviction in Aeroméxico’s turnaround and balance sheet discipline.</li>
<li>With Apollo and Delta as backers, improving margins, and regional airline momentum, Aeroméxico’s IPO positions it for sustained flight in a recovering market.</li>
</ul>


Grupo Aeroméxico priced at $19.00 and closed at $20.35 (+7.1%), marking a solid first-day gain amid strong institutional demand.
IPO reportedly 10x oversubscribed, driven by long-only and international accounts, signaling strong conviction in Aeroméxico’s turnaround and balance sheet discipline.
With Apollo and Delta as backers, improving margins, and regional airline momentum, Aeroméxico’s IPO positions it for sustained flight in a recovering market.


Grupo Aeroméxico (AERO): Value Takes Flight with a Controlled Ascent

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Phoenix Education Partners (PXED US)

Phoenix Education Partners (PXED): A Private-Equity Backed IPO Defying 2025 Trends with Strong Debut

Online education provider prices IPO at $32/share, opens at $38/share with 18.8% gain, closes at $38.15/share after hitting high of $47.08.

IPO Boutique

Phoenix Education Partners (PXED): Apollo-Backed Education IPO Sees Cautious Demand

Management expects strong revenue growth and high retention, smartly balancing investor demand with available float for a successful deal with a...

IPO Boutique

Phoenix Education Partners (PXED): Higher Education Company Sets Terms for IPO

Phoenix Education Partners is offering 4.25 million shares at $31-$33 in its IPO, with plans to pay a quarterly cash dividend of approximately...

IPO Boutique

Phoenix Education Partners (PXED): Peeking at the Prospectus of Next Higher Education IPO

Apollo Global Management took University of Phoenix private in 2017 for $1.1 billion, now planning IPO in September or October after reporting...

IPO Boutique

Grupo Aeroméxico (AERO): Value Takes Flight with a Controlled Ascent

Aeroméxico's successful IPO debut at $20.35 (+7.1%) reflects strong institutional demand and investor confidence in the airline's turnaround and...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Phoenix Education Partners (PXED): A Private-Equity Backed IPO Defying 2025 Trends with Strong Debut

​Online education provider prices IPO at $32/share, opens at $38/share with 18.8% gain, closes at $38.15/share after hitting high of $47.08.

IPO Boutique

Phoenix Education Partners (PXED): Apollo-Backed Education IPO Sees Cautious Demand

​Management expects strong revenue growth and high retention, smartly balancing investor demand with available float for a successful deal with a...

IPO Boutique

Phoenix Education Partners (PXED): Higher Education Company Sets Terms for IPO

​Phoenix Education Partners is offering 4.25 million shares at $31-$33 in its IPO, with plans to pay a quarterly cash dividend of approximately...

IPO Boutique

Phoenix Education Partners (PXED): Peeking at the Prospectus of Next Higher Education IPO

​Apollo Global Management took University of Phoenix private in 2017 for $1.1 billion, now planning IPO in September or October after reporting...

IPO Boutique

Grupo Aeroméxico (AERO): Value Takes Flight with a Controlled Ascent

​Aeroméxico's successful IPO debut at $20.35 (+7.1%) reflects strong institutional demand and investor confidence in the airline's turnaround and...

IPO Boutique

Online education provider prices IPO at $32/share, opens at $38/share with 18.8% gain, closes at $38.15/share after hitting high of $47.08.

Management expects strong revenue growth and high retention, smartly balancing investor demand with available float for a successful deal with a...

Phoenix Education Partners is offering 4.25 million shares at $31-$33 in its IPO, with plans to pay a quarterly cash dividend of approximately...

Apollo Global Management took University of Phoenix private in 2017 for $1.1 billion, now planning IPO in September or October after reporting...

Aeroméxico's successful IPO debut at $20.35 (+7.1%) reflects strong institutional demand and investor confidence in the airline's turnaround and...