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

Sailpoint Technologies Holdings / Equity Capital Markets

<ul>
<li>SailPoint, a company that delivers solutions to enable comprehensive identity security for the enterprise, filed for an IPO. </li>
<li>SailPoint is sponsor-backed by Thoma Bravo who took the company private in August 2022 for $6.9bn</li>
<li>As of January 31, 2022, 2023, and 2024, their ARR was $374.6 million, $520.1 million, and $681.8 million, respectively, representing year-over-year growth of 44%, 39%, and 31%, respectively.</li>
</ul>


SailPoint, a company that delivers solutions to enable comprehensive identity security for the enterprise, filed for an IPO. 
SailPoint is sponsor-backed by Thoma Bravo who took the company private in August 2022 for $6.9bn
As of January 31, 2022, 2023, and 2024, their ARR was $374.6 million, $520.1 million, and $681.8 million, respectively, representing year-over-year growth of 44%, 39%, and 31%, respectively.


SailPoint, Inc. (SAIL) -- Thoma Bravo Backed Cybersecurity Company Ready for IPO (Again)

<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

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

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/circle-internet-group-inc" target="_blank" data-smartkarma-citation="entities:45034:1" rel="noopener">Circle Internet Group (CRCL US)</a> is forecasted to be added to both US TMI and R1000 at the September 2025 review. </li>
<li>
<a href="https://www.smartkarma.com/entities/circle-internet-group-inc" target="_blank" data-smartkarma-citation="entities:45034:1" rel="noopener">Circle Internet Group (CRCL US)</a> is forecasted to be added to Global Standard at the November 2025 review and to Global All-World at the December 2025 review.</li>
<li>A significant upweight is anticipated at the March 2026 review in R1000 and Global All-World following the lock-up expiry.</li>
</ul>



Circle Internet Group (CRCL US) is forecasted to be added to both US TMI and R1000 at the September 2025 review. 

Circle Internet Group (CRCL US) is forecasted to be added to Global Standard at the November 2025 review and to Global All-World at the December 2025 review.
A significant upweight is anticipated at the March 2026 review in R1000 and Global All-World following the lock-up expiry.


Circle Internet Group (CRCL US): Rounded US & Global Index Inclusion & Upweight

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chime-financial-inc" target="_blank" data-smartkarma-citation="entities:45194:1" rel="noopener">Chime Financial (CHYM US)</a> meets public voting rights eligibility only after the 6-month lock-up expiry, leading to its delayed inclusion in Global-F SmallCap and R1000 in <em>2026</em>.</li>
<li>
<a href="https://www.smartkarma.com/entities/chime-financial-inc" target="_blank" data-smartkarma-citation="entities:45194:1" rel="noopener">Chime Financial (CHYM US)</a> will be excluded from Global-M for the next 12 months due to the lock-up on undisclosed shareholders, which keeps the free float below the 15% threshold.</li>
<li>
<a href="https://www.smartkarma.com/entities/chime-financial-inc" target="_blank" data-smartkarma-citation="entities:45194:1" rel="noopener">Chime Financial (CHYM US)</a> is expected to be added to US TMI at the September 2025 review.</li>
</ul>



Chime Financial (CHYM US) meets public voting rights eligibility only after the 6-month lock-up expiry, leading to its delayed inclusion in Global-F SmallCap and R1000 in 2026.

Chime Financial (CHYM US) will be excluded from Global-M for the next 12 months due to the lock-up on undisclosed shareholders, which keeps the free float below the 15% threshold.

Chime Financial (CHYM US) is expected to be added to US TMI at the September 2025 review.


Chime Financial (CHYM US): Delayed Inclusion to US & Global Indices

Aspen Insurance Holdings / Equity Capital Markets

<ul>
<li>A total of 11.0mm shares are being offered with the entirety being offloaded by the sponsor, Apollo Global Securities.</li>
<li>This company was acquired by private-equity titan Apollo Global in a transaction announced in August 2018 and closing in February 2019.</li>
<li>For the three months ended March 31, 2025, Aspen Insurance had gross written premiums of $1.287b vs. $1.231b in the same period in 2024 for an increase of 4.5%.</li>
</ul>


A total of 11.0mm shares are being offered with the entirety being offloaded by the sponsor, Apollo Global Securities.
This company was acquired by private-equity titan Apollo Global in a transaction announced in August 2018 and closing in February 2019.
For the three months ended March 31, 2025, Aspen Insurance had gross written premiums of $1.287b vs. $1.231b in the same period in 2024 for an increase of 4.5%.


Aspen Insurance Holdings Limited (AHL): Apollo Backed Company Sets Terms; Seeking $2.9b Valuation

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.

Sailpoint Technologies Holdings (SAIL US)

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Sailpoint Technologies Holdings (SAIL US)

SailPoint, Inc. (SAIL) -- Thoma Bravo Backed Cybersecurity Company Ready for IPO (Again)

SailPoint, backed by Thoma Bravo, files for IPO for potential February debut after showing strong year-over-year growth in ARR.

IPO Boutique

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

Circle Internet Group (CRCL US): Rounded US & Global Index Inclusion & Upweight

CRCL is set to be added to US indices in September 2025, Global Indices in November and December, and receive a double-index upweight in March 2026.

Dimitris Ioannidis

Chime Financial (CHYM US): Delayed Inclusion to US & Global Indices

Chime Financial faces delayed inclusion in US and Global indices until 2026 due to low public voting rights and free float before lock-up expiries

Dimitris Ioannidis

Aspen Insurance Holdings Limited (AHL): Apollo Backed Company Sets Terms; Seeking $2.9b Valuation

11mm shares offered by Apollo Global, acquired company, Aspen Insurance, saw 4.5% increase in gross written premiums for Q1 2025.

IPO Boutique

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SailPoint, Inc. (SAIL) -- Thoma Bravo Backed Cybersecurity Company Ready for IPO (Again)

​SailPoint, backed by Thoma Bravo, files for IPO for potential February debut after showing strong year-over-year growth in ARR.

IPO Boutique

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

Circle Internet Group (CRCL US): Rounded US & Global Index Inclusion & Upweight

CRCL is set to be added to US indices in September 2025, Global Indices in November and December, and receive a double-index upweight in March 2026.

Dimitris Ioannidis

Chime Financial (CHYM US): Delayed Inclusion to US & Global Indices

Chime Financial faces delayed inclusion in US and Global indices until 2026 due to low public voting rights and free float before lock-up expiries

Dimitris Ioannidis

Aspen Insurance Holdings Limited (AHL): Apollo Backed Company Sets Terms; Seeking $2.9b Valuation

​11mm shares offered by Apollo Global, acquired company, Aspen Insurance, saw 4.5% increase in gross written premiums for Q1 2025.

IPO Boutique

SailPoint, backed by Thoma Bravo, files for IPO for potential February debut after showing strong year-over-year growth in ARR.

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

11mm shares offered by Apollo Global, acquired company, Aspen Insurance, saw 4.5% increase in gross written premiums for Q1 2025.