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 wide $25-$29 range allows for valuation discussion amongst investors and the company. </li>
<li>From 2021 to 2024, their revenues grew at a 39% CAGR and have a $2.8b backlog, however debt overhang remains a concern. </li>
<li>We believe price sensitivity is likely to play a factor and a muted opening is potentially on deck.</li>
</ul>


The wide $25-$29 range allows for valuation discussion amongst investors and the company. 
From 2021 to 2024, their revenues grew at a 39% CAGR and have a $2.8b backlog, however debt overhang remains a concern. 
We believe price sensitivity is likely to play a factor and a muted opening is potentially on deck.


Legence Corp. (LGN): Strong Business Meets Debt Overhang Leaving IPO Investors Skeptical

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

<ul><li>Quanta Services recently reported its financial performance for the second quarter of 2025, displaying several noteworthy achievements as well as areas that warrant attention.</li><li>The company saw impressive growth in revenues, adjusted EBITDA, and earnings per share, with a pronounced increase in its backlog, reaching a record $35.8 billion.</li><li>This growth and backlog reflect steady demand for Quanta's services, particularly in areas of electric grid resilience, power infrastructure, and technological expansion.</li></ul>

Quanta Services recently reported its financial performance for the second quarter of 2025, displaying several noteworthy achievements as well as areas that warrant attention.The company saw impressive growth in revenues, adjusted EBITDA, and earnings per share, with a pronounced increase in its backlog, reaching a record $35.8 billion.This growth and backlog reflect steady demand for Quanta's services, particularly in areas of electric grid resilience, power infrastructure, and technological expansion.

Quanta Services: Cross-Market Flexibility & Resource Optimization to Ensure Consistent Project Execution & Financial Performance!

<ul><li>Quanta Services recently reported robust results for the first quarter of 2025, showcasing substantial growth in key financial metrics and highlighting a strategic focus on comprehensive infrastructure solutions.</li><li>The company achieved double-digit growth in revenue, adjusted EBITDA, and earnings per share, alongside a record backlog of $35.3 billion.</li><li>This robust performance and favorable market conditions have prompted Quanta Services to raise its full-year guidance for 2025, reflecting increased revenue, adjusted EBITDA, and earnings per share expectations.</li></ul>

Quanta Services recently reported robust results for the first quarter of 2025, showcasing substantial growth in key financial metrics and highlighting a strategic focus on comprehensive infrastructure solutions.The company achieved double-digit growth in revenue, adjusted EBITDA, and earnings per share, alongside a record backlog of $35.3 billion.This robust performance and favorable market conditions have prompted Quanta Services to raise its full-year guidance for 2025, reflecting increased revenue, adjusted EBITDA, and earnings per share expectations.

Quanta Services: Capitalizing On Solar & Renewable Energy Projects & Key Growth Catalysts!

<ul><li>Quanta Services recently reported strong financial results for the fourth quarter and the full year of 2024, characterized by double-digit growth in both revenues and earnings.</li><li>The total backlog at the end of the year stood at $34.5 billion, reflecting robust demand across segments, particularly in the Renewable Energy Infrastructure Solutions segment, which recorded all-time high backlogs.</li><li>On the positive side, Quanta Services demonstrated a consistent track record with seven out of the last eight years showing record revenues, and seven consecutive years of record adjusted EBITDA alongside eight years of record adjusted diluted earnings per share.</li></ul>

Quanta Services recently reported strong financial results for the fourth quarter and the full year of 2024, characterized by double-digit growth in both revenues and earnings.The total backlog at the end of the year stood at $34.5 billion, reflecting robust demand across segments, particularly in the Renewable Energy Infrastructure Solutions segment, which recorded all-time high backlogs.On the positive side, Quanta Services demonstrated a consistent track record with seven out of the last eight years showing record revenues, and seven consecutive years of record adjusted EBITDA alongside eight years of record adjusted diluted earnings per share.

Inside Quanta’s Clean Energy Takeover: Why It’s Leading the Renewable Future!

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul><li>Global EV sales in 2024 were strong, with forecasts for 2025 looking promising as well, showcasing the growth of the electric vehicle market.</li><li>Asus and Gigabyte secure large AI server orders from Nvidia, highlighting efforts to boost US manufacturing and strengthen partnerships in the tech industry.</li><li>iPhone 16e price hints at a move away from the budget market, indicating a potential shift in Apple's pricing strategy for future phone releases.</li></ul>

Global EV sales in 2024 were strong, with forecasts for 2025 looking promising as well, showcasing the growth of the electric vehicle market.Asus and Gigabyte secure large AI server orders from Nvidia, highlighting efforts to boost US manufacturing and strengthen partnerships in the tech industry.iPhone 16e price hints at a move away from the budget market, indicating a potential shift in Apple's pricing strategy for future phone releases.

Tech Supply Chain Tracker (25-Feb-2025): Global EV sales: 2024 review, 2025 forecast

United States

Quanta Services, Inc. provides specialized contracting services to electric utilities, telecommunication and cable television operators, and governmental entities.  The Company also installs transportation control and lighting systems and provides specialty electric power and communication services for industrial and commercial customers.  Quanta operates projects throughout North America.

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Quanta Services (PWR US)

Legence Corp. (LGN): Strong Business Meets Debt Overhang Leaving IPO Investors Skeptical

Investors and company in valuation discussion over wide $25-$29 range, despite strong revenue growth and backlog, debt overhang and price...

IPO Boutique

Quanta Services: Cross-Market Flexibility & Resource Optimization to Ensure Consistent Project Execution & Financial Performance!

Quanta Services recently reported its financial performance for the second quarter of 2025, displaying several noteworthy achievements as well as...

Baptista Research

Quanta Services: Capitalizing On Solar & Renewable Energy Projects & Key Growth Catalysts!

Quanta Services recently reported robust results for the first quarter of 2025, showcasing substantial growth in key financial metrics and...

Baptista Research

Inside Quanta’s Clean Energy Takeover: Why It’s Leading the Renewable Future!

Quanta Services recently reported strong financial results for the fourth quarter and the full year of 2024, characterized by double-digit growth...

Baptista Research

Tech Supply Chain Tracker (25-Feb-2025): Global EV sales: 2024 review, 2025 forecast

Global EV sales review for 2024 with 2025 forecasts, Asus and Gigabyte secure big AI server orders, iPhone 16e price hints at move from budget...

Tech Supply Chain Tracker

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Legence Corp. (LGN): Strong Business Meets Debt Overhang Leaving IPO Investors Skeptical

​Investors and company in valuation discussion over wide $25-$29 range, despite strong revenue growth and backlog, debt overhang and price...

IPO Boutique

Quanta Services: Cross-Market Flexibility & Resource Optimization to Ensure Consistent Project Execution & Financial Performance!

Quanta Services recently reported its financial performance for the second quarter of 2025, displaying several noteworthy achievements as well as...

Baptista Research

Quanta Services: Capitalizing On Solar & Renewable Energy Projects & Key Growth Catalysts!

Quanta Services recently reported robust results for the first quarter of 2025, showcasing substantial growth in key financial metrics and...

Baptista Research

Inside Quanta’s Clean Energy Takeover: Why It’s Leading the Renewable Future!

Quanta Services recently reported strong financial results for the fourth quarter and the full year of 2024, characterized by double-digit growth...

Baptista Research

Tech Supply Chain Tracker (25-Feb-2025): Global EV sales: 2024 review, 2025 forecast

Global EV sales review for 2024 with 2025 forecasts, Asus and Gigabyte secure big AI server orders, iPhone 16e price hints at move from budget...

Tech Supply Chain Tracker

Investors and company in valuation discussion over wide $25-$29 range, despite strong revenue growth and backlog, debt overhang and price...