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

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

<ul>
<li>Figma is offering 36.9mm shares at $25.00-$28.00 equating to a market cap of $12.2bn-$13.65b and is scheduled to debut on July 31st.</li>
<li>They estimate their total revenue to increase by 39% to 41% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.</li>
<li>This company is highly regarded in the software sector and we believe that there will be ample interest in this IPO.</li>
</ul>


Figma is offering 36.9mm shares at $25.00-$28.00 equating to a market cap of $12.2bn-$13.65b and is scheduled to debut on July 31st.
They estimate their total revenue to increase by 39% to 41% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
This company is highly regarded in the software sector and we believe that there will be ample interest in this IPO.


Figma Inc (FIG): High Profile Software IPO Sets Terms, Expecting Major Attention Next Week

<ul>
<li>NIQ Global Intelligence plc is offering 50.0mm shares at $20.00-$24.00 equating to a market cap of $5.9b-$7.1b and is scheduled to debut on July 23rd.</li>
<li>If successful, this will be the third IPO to raise $1 billion in 2025. </li>
<li>NIQ Global Intelligence has a boat-load of debt, is private-equity backed but has a growth profile that is promising. We believe price sensitivity may play a role.</li>
</ul>


NIQ Global Intelligence plc is offering 50.0mm shares at $20.00-$24.00 equating to a market cap of $5.9b-$7.1b and is scheduled to debut on July 23rd.
If successful, this will be the third IPO to raise $1 billion in 2025. 
NIQ Global Intelligence has a boat-load of debt, is private-equity backed but has a growth profile that is promising. We believe price sensitivity may play a role.


NIQ Global Intelligence Plc (NIQ): Advent-Backed, Consumer Intelligence Company Sets Terms for IPO

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

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)

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

Figma Inc (FIG): High Profile Software IPO Sets Terms, Expecting Major Attention Next Week

Figma set to debut on July 31st with estimated revenue growth and high market cap, generating significant interest in IPO.

IPO Boutique

NIQ Global Intelligence Plc (NIQ): Advent-Backed, Consumer Intelligence Company Sets Terms for IPO

NIQ Global Intelligence plc set to debut on July 23rd with 50.0mm shares offered at $20.00-$24.00, aiming for a market cap of $5.9b-$7.1b.

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

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52-week Range

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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

Figma Inc (FIG): High Profile Software IPO Sets Terms, Expecting Major Attention Next Week

​Figma set to debut on July 31st with estimated revenue growth and high market cap, generating significant interest in IPO.

IPO Boutique

NIQ Global Intelligence Plc (NIQ): Advent-Backed, Consumer Intelligence Company Sets Terms for IPO

​NIQ Global Intelligence plc set to debut on July 23rd with 50.0mm shares offered at $20.00-$24.00, aiming for a market cap of $5.9b-$7.1b.

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

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.

Figma set to debut on July 31st with estimated revenue growth and high market cap, generating significant interest in IPO.

NIQ Global Intelligence plc set to debut on July 23rd with 50.0mm shares offered at $20.00-$24.00, aiming for a market cap of $5.9b-$7.1b.