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

Accelerant Holdings / Equity Capital Markets

<ul>
<li>Accelerant Holdings (ARX US)  priced 34.46mm shares (upsized from 28.95mm) at $21.00($1 Above the $18-$20 range) and opened at $28.50 for a gain of 35.7% at first trade.</li>
<li>This was the fifth insurance related IPO to debut in 2025 and all have been winners.</li>
<li>We see this company having potential staying power in the short term. Several insurance related IPOs have traded higher for longer than many short term investors would have anticipated.</li>
</ul>


Accelerant Holdings (ARX US)  priced 34.46mm shares (upsized from 28.95mm) at $21.00($1 Above the $18-$20 range) and opened at $28.50 for a gain of 35.7% at first trade.
This was the fifth insurance related IPO to debut in 2025 and all have been winners.
We see this company having potential staying power in the short term. Several insurance related IPOs have traded higher for longer than many short term investors would have anticipated.


Accelerant Holdings (ARX): Insurance Sector Brings Another IPO Winner to Market; Pops 36% at Open

<ul>
<li>According to our sources, the deal is double-digits oversubscribed with "meaningful mutual fund conversions".</li>
<li>Exchange written premiums were $3.1b in 2024 and the company is projecting premiums of $2.0b-$2.1b in the 1H 2025 alone.</li>
<li>From a valuation standpoint, the company is targeting a near 20x multiple of EV-to-Ebitda and mid-teens multiple based on 2026 Ebitda which is considered aggressive.</li>
</ul>


According to our sources, the deal is double-digits oversubscribed with "meaningful mutual fund conversions".
Exchange written premiums were $3.1b in 2024 and the company is projecting premiums of $2.0b-$2.1b in the 1H 2025 alone.
From a valuation standpoint, the company is targeting a near 20x multiple of EV-to-Ebitda and mid-teens multiple based on 2026 Ebitda which is considered aggressive.


Accelerant Holdings (ARX): Growth & Adoption Highlights Bull Case for Insurance Marketplace IPO

Equity Long-Short Analyst

Pyari Menon

Equity Bottom-Up

Skyward Specialty Insurance Gr / Equity Bottom-Up

<ul>
<li>One of the areas of fintech innovations, seeing significant growth is insurtech. Big data, AI, and IoT have enabled innovations in customer experience, risk assessment, and personalized products.</li>
<li>
<a href="https://www.smartkarma.com/entities/skyward-specialty-insurance-gr" target="_blank" data-smartkarma-citation="entities:37180:1" rel="noopener">Skyward Specialty Insurance Gr (SKWD US)</a>'s focus on underserved and complex markets, with unique risks, should give the company better growth and margins runway. </li>
<li>Integration of proprietary  and collaborative technologies to enhance operational efficiency and customer experience in specific niches makes Skyward very competitive in admitted and  specialty insurance segments. </li>
</ul>


One of the areas of fintech innovations, seeing significant growth is insurtech. Big data, AI, and IoT have enabled innovations in customer experience, risk assessment, and personalized products.

Skyward Specialty Insurance Gr (SKWD US)'s focus on underserved and complex markets, with unique risks, should give the company better growth and margins runway. 
Integration of proprietary  and collaborative technologies to enhance operational efficiency and customer experience in specific niches makes Skyward very competitive in admitted and  specialty insurance segments. 


Skyward Specialty Insurance: Leveraging Insurtech for Growth in Underserved Markets

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>On 22 August, the <a href="https://www.smartkarma.com/entities/psc-insurance-group-ltd" target="_blank" data-smartkarma-citation="entities:24266:1" rel="noopener">Psc Insurance (PSI AU)</a> IE considered Ardonagh’s A$6.19 offer fair and reasonable as it is within the A$5.69 to A$6.65 valuation range. </li>
<li>The offer is conditional on shareholder approval of the scheme. No disinterested shareholder holds the 25% blocking stake. The scheme meeting is on 26 September.</li>
<li>The offer is attractive and represents an all-time high. At the last close and for the 11 October payment, the gross/annualised spread is 1.3%/12.1%.</li>
</ul>


On 22 August, the Psc Insurance (PSI AU) IE considered Ardonagh’s A$6.19 offer fair and reasonable as it is within the A$5.69 to A$6.65 valuation range. 
The offer is conditional on shareholder approval of the scheme. No disinterested shareholder holds the 25% blocking stake. The scheme meeting is on 26 September.
The offer is attractive and represents an all-time high. At the last close and for the 11 October payment, the gross/annualised spread is 1.3%/12.1%.


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.

Ryan Specialty Holdings  / Equity Bottom-Up

<ul><li>Ryan Specialty Holdings continued its robust growth trajectory in the second quarter of 2024, achieving impressive financial results with an 18.8% year-over-year increase in total revenue to $695 million, driven by robust organic growth of 14.2%.</li><li>This growth is underpinned by the company's clear focus on niche market specialization and talent.</li><li>Adjusted EBITDAC saw a considerable rise of 27.6% to $248 million, while the adjusted EBITDAC margin expanded by 240 basis points to 35.6%.</li></ul>

Ryan Specialty Holdings continued its robust growth trajectory in the second quarter of 2024, achieving impressive financial results with an 18.8% year-over-year increase in total revenue to $695 million, driven by robust organic growth of 14.2%.This growth is underpinned by the company's clear focus on niche market specialization and talent.Adjusted EBITDAC saw a considerable rise of 27.6% to $248 million, while the adjusted EBITDAC margin expanded by 240 basis points to 35.6%.

Ryan Specialty Group Holdings: E&S Market Dynamics & Major Drivers

United States

Ryan Specialty Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides specialty insurance solutions for brokers, agents, and insurance carriers. Ryan Specialty Holdings serves customers worldwide.

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Ryan Specialty Holdings (RYAN US)

Accelerant Holdings (ARX): Insurance Sector Brings Another IPO Winner to Market; Pops 36% at Open

Accelerant Holdings IPO priced above range at $21 per share, opened at $28.50 for a 35.7% gain, continuing trend of successful insurance-related...

IPO Boutique

Accelerant Holdings (ARX): Growth & Adoption Highlights Bull Case for Insurance Marketplace IPO

The company's oversubscribed deal and strong premium projections are driving aggressive valuation targets. Accelerant is scheduled to debut on...

IPO Boutique

Skyward Specialty Insurance: Leveraging Insurtech for Growth in Underserved Markets

Skyward Specialty’s focus on underserved, niche markets, with disciplined underwriting and innovative use of technology, positions it to drive...

Pyari Menon

PSC Insurance (PSI AU): A Done Deal

The offer is attractive and represents an all-time high. At the last close and for the 11 October payment, the gross/annualised spread is 1.3%/12.1%.

Arun George

Ryan Specialty Group Holdings: E&S Market Dynamics & Major Drivers

Ryan Specialty Holdings continued its robust growth trajectory in the second quarter of 2024, achieving impressive financial results with an 18.8%...

Baptista Research

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Accelerant Holdings (ARX): Insurance Sector Brings Another IPO Winner to Market; Pops 36% at Open

​Accelerant Holdings IPO priced above range at $21 per share, opened at $28.50 for a 35.7% gain, continuing trend of successful insurance-related...

IPO Boutique

Accelerant Holdings (ARX): Growth & Adoption Highlights Bull Case for Insurance Marketplace IPO

​The company's oversubscribed deal and strong premium projections are driving aggressive valuation targets. Accelerant is scheduled to debut on...

IPO Boutique

Skyward Specialty Insurance: Leveraging Insurtech for Growth in Underserved Markets

Skyward Specialty’s focus on underserved, niche markets, with disciplined underwriting and innovative use of technology, positions it to drive...

Pyari Menon

PSC Insurance (PSI AU): A Done Deal

The offer is attractive and represents an all-time high. At the last close and for the 11 October payment, the gross/annualised spread is 1.3%/12.1%.

Arun George

Ryan Specialty Group Holdings: E&S Market Dynamics & Major Drivers

Ryan Specialty Holdings continued its robust growth trajectory in the second quarter of 2024, achieving impressive financial results with an 18.8%...

Baptista Research

Accelerant Holdings IPO priced above range at $21 per share, opened at $28.50 for a 35.7% gain, continuing trend of successful insurance-related...

The company's oversubscribed deal and strong premium projections are driving aggressive valuation targets. Accelerant is scheduled to debut on...