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>One of the most anticipated IPOs of 2025 has officially filed its S-1 -- CoreWeave (CRWV US) . </li>
<li>Their revenue was $16 million, $229 million, and $1.9 billion for the years ended December 31, 2022, 2023, and 2024, respectively, representing year-over-year growth of 1,346% and 737%, respectively.</li>
<li>According to sources, the debut on CoreWeave Inc. is tentatively scheduled for the last week of March.</li>
</ul>


One of the most anticipated IPOs of 2025 has officially filed its S-1 -- CoreWeave (CRWV US) . 
Their revenue was $16 million, $229 million, and $1.9 billion for the years ended December 31, 2022, 2023, and 2024, respectively, representing year-over-year growth of 1,346% and 737%, respectively.
According to sources, the debut on CoreWeave Inc. is tentatively scheduled for the last week of March.


CoreWeave Inc. IPO (CRWV): Peeking at the Prospectus of Cloud Platform Managing AI Infrastructure

Sailpoint Technologies Holdings / Equity Capital Markets

Sailpoint Technologies Holdings (SAIL US)

<ul>
<li>The first software IPO of 2025 is checking all the boxes and is expected to deliver strong returns versus issue price when it debuts on February 13th.</li>
<li>There are currently two anchor orders on this deal which have each indicated for up to 20% of the offering (AllianceBernstein &amp; Dragoneer Investment Group). </li>
<li>The IPO market is “eager and ready” for the technology window to open up. We like the risk-reward profile of this deal at this time. </li>
</ul>


The first software IPO of 2025 is checking all the boxes and is expected to deliver strong returns versus issue price when it debuts on February 13th.
There are currently two anchor orders on this deal which have each indicated for up to 20% of the offering (AllianceBernstein &amp; Dragoneer Investment Group). 
The IPO market is “eager and ready” for the technology window to open up. We like the risk-reward profile of this deal at this time. 


SailPoint, Inc. (SAIL) -- Blowout Expected as Investors Pile into First Software IPO of 2025

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

Sailpoint Technologies Holdings / Equity Bottom-Up

<ul><li>SailPoint has moved to strengthen its position in enterprise identity security by announcing its intent to acquire Tel Aviv-based Entro, a specialist in non-human identity and credentials security.</li><li>The announcement follows the recent launch of SailPoint Agentic Fabric, a platform initiative aimed at governing autonomous AI agents, machine identities, cloud resources, and human users within one identity control plane.</li><li>The timing is notable because SailPoint’s Q1 FY2027 results already showed rising customer urgency around agentic AI governance, with non-human identities accounting for 40% of identity growth and 14% of all identities managed in its cloud offering.</li></ul>

SailPoint has moved to strengthen its position in enterprise identity security by announcing its intent to acquire Tel Aviv-based Entro, a specialist in non-human identity and credentials security.The announcement follows the recent launch of SailPoint Agentic Fabric, a platform initiative aimed at governing autonomous AI agents, machine identities, cloud resources, and human users within one identity control plane.The timing is notable because SailPoint’s Q1 FY2027 results already showed rising customer urgency around agentic AI governance, with non-human identities accounting for 40% of identity growth and 14% of all identities managed in its cloud offering.

SailPoint Acquisition Watch: Can Entro Accelerate Its AI Security Ambitions?

<ul><li>SailPoint Technologies reported fiscal year 2026 results showcasing sustained revenue growth and expanding their position in the identity security market amid an evolving technological landscape, particularly driven by advancements in AI and the increasing complexity of managing digital identities.</li><li>The company achieved over $1 billion in annual recurring revenue (ARR), marking a 28% year-over-year increase, with its software-as-a-service (SaaS) ARR growing at a robust 38%.</li><li>This SaaS business accounted for 90% of new ARR, underpinning the firm’s successful transition to cloud-based offerings.</li></ul>

SailPoint Technologies reported fiscal year 2026 results showcasing sustained revenue growth and expanding their position in the identity security market amid an evolving technological landscape, particularly driven by advancements in AI and the increasing complexity of managing digital identities.The company achieved over $1 billion in annual recurring revenue (ARR), marking a 28% year-over-year increase, with its software-as-a-service (SaaS) ARR growing at a robust 38%.This SaaS business accounted for 90% of new ARR, underpinning the firm’s successful transition to cloud-based offerings.

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
Privately-Held Market Leader: SailPoint is a recognized leader in the Identity Governance and Administration (IGA) market, a critical and growing segment of cybersecurity. In August 2022, the company was taken private by leading software investment firm Thoma Bravo in a $6.9 billion all-cash transaction, enabling a strategic focus on long-term growth and innovation away from public market pressures.</li>
 <li>
Transition to SaaS Model: The company is strategically focused on transitioning its business to a cloud-native, Software-as-a-Service (SaaS) model with its Identity Security Cloud platform. This shift is designed to generate predictable, recurring revenue and cater to modern enterprise needs for scalable and flexible identity solutions.</li>
 <li>
Intense Competitive Landscape: SailPoint operates in a highly competitive environment, facing threats from specialized IGA vendors like Saviynt and One Identity, broader Identity and Access Management (IAM) players such as Okta and CyberArk, and large technology giants like Microsoft, which are increasingly bundling identity features into their enterprise platforms.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Privately-Held Market Leader: SailPoint is a recognized leader in the Identity Governance and Administration (IGA) market, a critical and growing segment of cybersecurity. In August 2022, the company was taken private by leading software investment firm Thoma Bravo in a $6.9 billion all-cash transaction, enabling a strategic focus on long-term growth and innovation away from public market pressures.
  
Transition to SaaS Model: The company is strategically focused on transitioning its business to a cloud-native, Software-as-a-Service (SaaS) model with its Identity Security Cloud platform. This shift is designed to generate predictable, recurring revenue and cater to modern enterprise needs for scalable and flexible identity solutions.
  
Intense Competitive Landscape: SailPoint operates in a highly competitive environment, facing threats from specialized IGA vendors like Saviynt and One Identity, broader Identity and Access Management (IAM) players such as Okta and CyberArk, and large technology giants like Microsoft, which are increasingly bundling identity features into their enterprise platforms.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Sailpoint Technologies Holdings (SAIL US) - May 2026

United States

SailPoint Technologies Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, offers enterprise identity governance solutions. SailPoint Technologies Holdings empowers customers to securely govern the digital identities of employees, contractors, business partners, and other users to manage their constantly changing access rights to enterprise.

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Sailpoint Technologies Holdings (SAIL US)

CoreWeave Inc. IPO (CRWV): Peeking at the Prospectus of Cloud Platform Managing AI Infrastructure

CoreWeave (CRWV US) files for IPO with impressive revenue growth and a debut expected in March. This article outlines key takeaways from the...

IPO Boutique

SailPoint, Inc. (SAIL) -- Blowout Expected as Investors Pile into First Software IPO of 2025

Exciting software IPO set to debut on February 13th with strong returns expected, backed by anchor orders from AllianceBernstein & Dragoneer...

IPO Boutique

SailPoint Acquisition Watch: Can Entro Accelerate Its AI Security Ambitions?

SailPoint has moved to strengthen its position in enterprise identity security by announcing its intent to acquire Tel Aviv-based Entro, a...

Baptista Research

SailPoint: Initiation Of Coverage

SailPoint Technologies reported fiscal year 2026 results showcasing sustained revenue growth and expanding their position in the identity security...

Baptista Research

Primer: Sailpoint Technologies Holdings (SAIL US) - May 2026

Privately-Held Market Leader: SailPoint is a recognized leader in the Identity Governance and Administration (IGA) market, a critical and...

αSK Primers

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CoreWeave Inc. IPO (CRWV): Peeking at the Prospectus of Cloud Platform Managing AI Infrastructure

​CoreWeave (CRWV US) files for IPO with impressive revenue growth and a debut expected in March. This article outlines key takeaways from the...

IPO Boutique

SailPoint, Inc. (SAIL) -- Blowout Expected as Investors Pile into First Software IPO of 2025

​Exciting software IPO set to debut on February 13th with strong returns expected, backed by anchor orders from AllianceBernstein & Dragoneer...

IPO Boutique

SailPoint Acquisition Watch: Can Entro Accelerate Its AI Security Ambitions?

SailPoint has moved to strengthen its position in enterprise identity security by announcing its intent to acquire Tel Aviv-based Entro, a...

Baptista Research

SailPoint: Initiation Of Coverage

SailPoint Technologies reported fiscal year 2026 results showcasing sustained revenue growth and expanding their position in the identity security...

Baptista Research

Primer: Sailpoint Technologies Holdings (SAIL US) - May 2026

Privately-Held Market Leader: SailPoint is a recognized leader in the Identity Governance and Administration (IGA) market, a critical and...

αSK Primers

CoreWeave (CRWV US) files for IPO with impressive revenue growth and a debut expected in March. This article outlines key takeaways from the...

Exciting software IPO set to debut on February 13th with strong returns expected, backed by anchor orders from AllianceBernstein & Dragoneer...