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>Operational execution remains solid with quarter-over-quarter revenue and sales growth, but improving fundamentals have yet to translate into stronger share performance. </li>
<li>The IPO-day high of $19.95 remains the stock's 180-day peak, with shares falling to $8.32 before recovering modestly.</li>
<li>Investor skepticism toward Brazilian fintechs and fierce industry competition continue to weigh on valuation despite positive business momentum.</li>
</ul>


Operational execution remains solid with quarter-over-quarter revenue and sales growth, but improving fundamentals have yet to translate into stronger share performance. 
The IPO-day high of $19.95 remains the stock's 180-day peak, with shares falling to $8.32 before recovering modestly.
Investor skepticism toward Brazilian fintechs and fierce industry competition continue to weigh on valuation despite positive business momentum.


PicS (PICS US): Six Months Later: Opening Day Was as Good as It Got

<ul>
<li>PayPay Corporation filed for a U.S. IPO on February 12, targeting a potential March debut, backed by SoftBank and a top-tier global underwriting syndicate.</li>
<li>With 72 million registered users and ¥15.39 trillion in FY2025 GMV, PayPay leads Japan’s cashless market with over 20% sustained annual transaction growth.</li>
<li>Expansion into banking and securities, improving profitability, and strong eKYC penetration position PayPay as a scaled, integrated digital finance ecosystem amid accelerating cashless adoption.</li>
</ul>


PayPay Corporation filed for a U.S. IPO on February 12, targeting a potential March debut, backed by SoftBank and a top-tier global underwriting syndicate.
With 72 million registered users and ¥15.39 trillion in FY2025 GMV, PayPay leads Japan’s cashless market with over 20% sustained annual transaction growth.
Expansion into banking and securities, improving profitability, and strong eKYC penetration position PayPay as a scaled, integrated digital finance ecosystem amid accelerating cashless adoption.


PayPay Corporation (PAYP): Peeking at the IPO Prospectus of a Japanese Fintech

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/picpay-holdings-netherlands-b-v" target="_blank" data-smartkarma-citation="entities:46229:1" rel="noopener">Picpay Holdings (PICS US)</a> went public on 29 January on Nasdaq and has a current market cap of $2.2bn.</li>
<li>
<a href="https://www.smartkarma.com/entities/picpay-holdings-netherlands-b-v" target="_blank" data-smartkarma-citation="entities:46229:1" rel="noopener">Picpay Holdings (PICS US)</a> is headquartered in Brazil, incorporated in the Netherlands, and listed in the US.</li>
<li>Exclusion from US indices is expected due to foreign listing and low public voting rights. Partial Global index inclusion is possible due to the country of headquarters and incorporation.</li>
</ul>



Picpay Holdings (PICS US) went public on 29 January on Nasdaq and has a current market cap of $2.2bn.

Picpay Holdings (PICS US) is headquartered in Brazil, incorporated in the Netherlands, and listed in the US.
Exclusion from US indices is expected due to foreign listing and low public voting rights. Partial Global index inclusion is possible due to the country of headquarters and incorporation.


PicS N.V. (PICS US): Brazilian PayTech Giant Faces Exclusion from US Indices

Get Ahead with IPO Insights, IPO Prophet

IPO Prophet

Get Ahead with IPO Insights

At IPO Prophet®, our team leverages over three decades of expertise to deliver actionable quantitative analytics for the IPO market in real-time. This platform synthesizes our extensive experience investing in IPOs, providing investors with revolutionary tools to navigate the complexities of issuance day. Our mission is to empower investors with data-driven insights to make more informed decisions.

<ul><li>The IPO market delivered a wide range of outcomes in today’s triple-header, reinforcing how selective investors remain early in 2026.</li><li>While all three offerings successfully reached the public markets, trading action quickly diverged, with price discipline and intraday confirmation taking precedence over headline narratives.</li><li>From controlled range-bound trading to failed upside momentum and sustained weakness, today’s session highlighted the importance of monitoring real-time price behavior rather than relying solely on opening prints or thematic enthusiasm.</li></ul>

The IPO market delivered a wide range of outcomes in today’s triple-header, reinforcing how selective investors remain early in 2026.While all three offerings successfully reached the public markets, trading action quickly diverged, with price discipline and intraday confirmation taking precedence over headline narratives.From controlled range-bound trading to failed upside momentum and sustained weakness, today’s session highlighted the importance of monitoring real-time price behavior rather than relying solely on opening prints or thematic enthusiasm.

IPO Market Wrap: Mixed Signals as PicPay, York Space Systems Make Their Debuts

<ul>
<li>PicS N.V. priced 22.9 million shares at $19, opened at $19.50, reflecting an initial gain of 2.6% on strong pre-IPO demand.</li>
<li>Despite a heavily oversubscribed deal and a 200+ participant New York roadshow, first-day trading failed to sustain momentum.</li>
<li>Stock peaked at $19.95 but ended the session flat at $19, signaling tempered enthusiasm despite a well-executed offering.</li>
</ul>


PicS N.V. priced 22.9 million shares at $19, opened at $19.50, reflecting an initial gain of 2.6% on strong pre-IPO demand.
Despite a heavily oversubscribed deal and a 200+ participant New York roadshow, first-day trading failed to sustain momentum.
Stock peaked at $19.95 but ended the session flat at $19, signaling tempered enthusiasm despite a well-executed offering.


PicS N.V. (PICS): In Demand Lat-Am Fintech Opens Marginally Higher, Closes Flat

Brazil

PicS N.V. operates as a digital financial services company that provides a digital wallet and application for individuals and businesses in Brazil. The company offers a range of transactional products, including Pix instant payment system, peer-to-peer transfers, bill payments, and various loan and insurance products. It also provides QR code payment solutions, banking services, and advertising platforms for small and medium-sized businesses. PicS N.V. was founded in 2012 and is headquartered in São Paulo, Brazil.

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PicS (PICS US)

PicS (PICS US): Six Months Later: Opening Day Was as Good as It Got

Despite solid operational performance and revenue growth, Brazilian fintech's share performance lags due to investor skepticism and industry...

IPO Boutique

PayPay Corporation (PAYP): Peeking at the IPO Prospectus of a Japanese Fintech

PayPay, backed by SoftBank, files for U.S. IPO with strong growth in Japan's cashless market and plans for expansion into banking and securities.

IPO Boutique

PicS N.V. (PICS US): Brazilian PayTech Giant Faces Exclusion from US Indices

PICS US listed on 29 Jan, has a $2.2bn market cap but is set for US index exclusion and partial Global index inclusion due to its Dutch...

Dimitris Ioannidis

IPO Market Wrap: Mixed Signals as PicPay, York Space Systems Make Their Debuts

The IPO market delivered a wide range of outcomes in today’s triple-header, reinforcing how selective investors remain early in 2026. While all...

IPO Prophet

PicS N.V. (PICS): In Demand Lat-Am Fintech Opens Marginally Higher, Closes Flat

PicS N.V. IPO was north of 12-times oversubscribed yet opened with a 2.6% gain and failed to sustain momentum, ending flat at $19 despite strong...

IPO Boutique

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PicS (PICS US): Six Months Later: Opening Day Was as Good as It Got

​Despite solid operational performance and revenue growth, Brazilian fintech's share performance lags due to investor skepticism and industry...

IPO Boutique

PayPay Corporation (PAYP): Peeking at the IPO Prospectus of a Japanese Fintech

​PayPay, backed by SoftBank, files for U.S. IPO with strong growth in Japan's cashless market and plans for expansion into banking and securities.

IPO Boutique

PicS N.V. (PICS US): Brazilian PayTech Giant Faces Exclusion from US Indices

PICS US listed on 29 Jan, has a $2.2bn market cap but is set for US index exclusion and partial Global index inclusion due to its Dutch...

Dimitris Ioannidis

IPO Market Wrap: Mixed Signals as PicPay, York Space Systems Make Their Debuts

The IPO market delivered a wide range of outcomes in today’s triple-header, reinforcing how selective investors remain early in 2026. While all...

IPO Prophet

PicS N.V. (PICS): In Demand Lat-Am Fintech Opens Marginally Higher, Closes Flat

​PicS N.V. IPO was north of 12-times oversubscribed yet opened with a 2.6% gain and failed to sustain momentum, ending flat at $19 despite strong...

IPO Boutique

Despite solid operational performance and revenue growth, Brazilian fintech's share performance lags due to investor skepticism and industry...

PayPay, backed by SoftBank, files for U.S. IPO with strong growth in Japan's cashless market and plans for expansion into banking and securities.

PicS N.V. IPO was north of 12-times oversubscribed yet opened with a 2.6% gain and failed to sustain momentum, ending flat at $19 despite strong...