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

<ul>
<li>Legence Corp set terms for its IPO and will offer 26 million shares at $25-$29 and is scheduled to debut on Friday, September 12th.</li>
<li>The company is private-equity backed by BlackStone and PE-backed deals have struggled, broadly speaking, in 2025. </li>
<li>From 2021 to 2024, their revenues grew at a CAGR of approximately 39% and as of June 30, 2025, they had $2.8 billion of backlog and awarded contracts.</li>
</ul>


Legence Corp set terms for its IPO and will offer 26 million shares at $25-$29 and is scheduled to debut on Friday, September 12th.
The company is private-equity backed by BlackStone and PE-backed deals have struggled, broadly speaking, in 2025. 
From 2021 to 2024, their revenues grew at a CAGR of approximately 39% and as of June 30, 2025, they had $2.8 billion of backlog and awarded contracts.


Legence Corp. (LGN): Blackstone Backed Engineering Firm Sets Terms for IPO Seeking $3.0b Valuation

Sailpoint Technologies Holdings / Equity Capital Markets

Sailpoint Technologies Holdings (SAIL US)

<ul>
<li>The IPO priced 60.0 million shares (upsized from 50.0 million) at $23.00, the high end of the upwardly revised $19–$21 range, only to open flat and trade poorly.</li>
<li>Underwriters failed to properly assess book quality. While the order book was reportedly 20× covered, the aftermarket behavior revealed that much of this “demand” lacked conviction.</li>
<li>The stock’s underperformance will likely keep momentum buyers on the sidelines until the company strings together multiple quarters of beats and raises.</li>
</ul>


The IPO priced 60.0 million shares (upsized from 50.0 million) at $23.00, the high end of the upwardly revised $19–$21 range, only to open flat and trade poorly.
Underwriters failed to properly assess book quality. While the order book was reportedly 20× covered, the aftermarket behavior revealed that much of this “demand” lacked conviction.
The stock’s underperformance will likely keep momentum buyers on the sidelines until the company strings together multiple quarters of beats and raises.


SailPoint, Inc. (SAIL) Six Month Summary: A Textbook Case of an IPO Overreach

NIQ Global Intelligence / Equity Capital Markets

<ul>
<li>NIQ Global priced a full-size offering of 50.0mm shares at $21.00 and opened at $20.25 for a loss of 3.6%. </li>
<li>This company is private equity–backed by Advent International. PE-backed companies often are a more difficult sell due to the high level of debt these companies carry.</li>
<li>Typically, "broken IPOs" have an overhang in the short term and we see a scenario where this plays out in this case. </li>
</ul>


NIQ Global priced a full-size offering of 50.0mm shares at $21.00 and opened at $20.25 for a loss of 3.6%. 
This company is private equity–backed by Advent International. PE-backed companies often are a more difficult sell due to the high level of debt these companies carry.
Typically, "broken IPOs" have an overhang in the short term and we see a scenario where this plays out in this case. 


NIQ Global Intelligence (NIQ): Another Private Equity Bust, IPO Closes Nearly Two Points Below Issue

<ul>
<li>The company that describes itself as a leading global consumer intelligence company positioned at the nexus of brands, retailers and consumers is to debut on Wednesday, July 23rd.</li>
<li>According to guidance, that the deal is multiple-times oversubscribed with long-only, 1-on-1 conversions including anchor indications.</li>
<li>The company showed solid growth in 2024 of nearly 19% and followed that up with solid flash numbers of +7.5% growth in Q2.</li>
</ul>


The company that describes itself as a leading global consumer intelligence company positioned at the nexus of brands, retailers and consumers is to debut on Wednesday, July 23rd.
According to guidance, that the deal is multiple-times oversubscribed with long-only, 1-on-1 conversions including anchor indications.
The company showed solid growth in 2024 of nearly 19% and followed that up with solid flash numbers of +7.5% growth in Q2.


NIQ Global Intelligence Plc (NIQ): Advent-Backed IPO to Provide Litmus Test for Market

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)

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

Legence Corp. (LGN): Blackstone Backed Engineering Firm Sets Terms for IPO Seeking $3.0b Valuation

Legence Corp, backed by BlackStone, sets IPO terms to offer 26 million shares at $25-$29, with strong revenue growth and backlog of $2.8 billion...

IPO Boutique

SailPoint, Inc. (SAIL) Six Month Summary: A Textbook Case of an IPO Overreach

IPO priced high at $23.00, but opened flat and traded poorly due to lack of conviction in demand. Underperformance may deter momentum buyers until...

IPO Boutique

NIQ Global Intelligence (NIQ): Another Private Equity Bust, IPO Closes Nearly Two Points Below Issue

NIQ Global, backed by Advent International, priced an offering at $21.00, opening at $20.25 for a 3.6% loss marking another private equity backed...

IPO Boutique

NIQ Global Intelligence Plc (NIQ): Advent-Backed IPO to Provide Litmus Test for Market

Leading global consumer intelligence company set to debut on July 23rd with oversubscribed deal and strong growth numbers in 2024 and Q2.

IPO Boutique

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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

Legence Corp. (LGN): Blackstone Backed Engineering Firm Sets Terms for IPO Seeking $3.0b Valuation

​Legence Corp, backed by BlackStone, sets IPO terms to offer 26 million shares at $25-$29, with strong revenue growth and backlog of $2.8 billion...

IPO Boutique

SailPoint, Inc. (SAIL) Six Month Summary: A Textbook Case of an IPO Overreach

​IPO priced high at $23.00, but opened flat and traded poorly due to lack of conviction in demand. Underperformance may deter momentum buyers until...

IPO Boutique

NIQ Global Intelligence (NIQ): Another Private Equity Bust, IPO Closes Nearly Two Points Below Issue

​NIQ Global, backed by Advent International, priced an offering at $21.00, opening at $20.25 for a 3.6% loss marking another private equity backed...

IPO Boutique

NIQ Global Intelligence Plc (NIQ): Advent-Backed IPO to Provide Litmus Test for Market

​Leading global consumer intelligence company set to debut on July 23rd with oversubscribed deal and strong growth numbers in 2024 and Q2.

IPO Boutique

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

Legence Corp, backed by BlackStone, sets IPO terms to offer 26 million shares at $25-$29, with strong revenue growth and backlog of $2.8 billion...

IPO priced high at $23.00, but opened flat and traded poorly due to lack of conviction in demand. Underperformance may deter momentum buyers until...

NIQ Global, backed by Advent International, priced an offering at $21.00, opening at $20.25 for a 3.6% loss marking another private equity backed...

Leading global consumer intelligence company set to debut on July 23rd with oversubscribed deal and strong growth numbers in 2024 and Q2.