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

Slide Insurance Holdings / Equity Capital Markets

<ul>
<li>Slide Holdings Insurance, Inc. (SLDE) priced 24.0mm shares (upsized from 20.0mm) at $17.00  and opened at $21.00 for a gain of 23.5% at first trade.</li>
<li>The deal finished north of 12-times oversubscribed. The deal saw the top ten accounts receive 65% of the deal and the top 20 accounts took home 80% of the transaction. </li>
<li>With a strong, clean and well-capitalized balance sheet and tailwinds from the sector, it was no "surprise" to see a four-point premium at open.</li>
</ul>


Slide Holdings Insurance, Inc. (SLDE) priced 24.0mm shares (upsized from 20.0mm) at $17.00  and opened at $21.00 for a gain of 23.5% at first trade.
The deal finished north of 12-times oversubscribed. The deal saw the top ten accounts receive 65% of the deal and the top 20 accounts took home 80% of the transaction. 
With a strong, clean and well-capitalized balance sheet and tailwinds from the sector, it was no "surprise" to see a four-point premium at open.


Slide Holdings Insurance, Inc.(SLDE): Another Insurance IPO Winner, Opens Four Points Higher

<ul>
<li>According to our sources, the deal is well-oversubscribed with good diversification from long-only accounts.</li>
<li>Looking at the financial metrics of this company, they wrote premiums of $1.33b in 2024 which was a 52.5% increase from 2023. </li>
<li>The success of the insurance sector as a whole including the strong performance of Ategrity Specialty Holdings (ASIC US)  last week will only further enhance the optics of this IPO.</li>
</ul>


According to our sources, the deal is well-oversubscribed with good diversification from long-only accounts.
Looking at the financial metrics of this company, they wrote premiums of $1.33b in 2024 which was a 52.5% increase from 2023. 
The success of the insurance sector as a whole including the strong performance of Ategrity Specialty Holdings (ASIC US)  last week will only further enhance the optics of this IPO.


Slide Holdings Insurance, Inc.(SLDE): Florida Based Insurer Looking to Ride the Tailwinds of Sector

<ul>
<li>Slide Insurance Holdings (SLDE US) will be the fourth insurance company to go public in the first half of 2025.</li>
<li>The company is offering 20 million shares at $15-$17 equating to a $1.9b-$2.1b  market cap.</li>
<li>We anticipate there to be solid interest in this IPO based upon sector tailwinds. The company considers itself an "insurtech" which could create a different investor profile for this deal.</li>
</ul>


Slide Insurance Holdings (SLDE US) will be the fourth insurance company to go public in the first half of 2025.
The company is offering 20 million shares at $15-$17 equating to a $1.9b-$2.1b  market cap.
We anticipate there to be solid interest in this IPO based upon sector tailwinds. The company considers itself an "insurtech" which could create a different investor profile for this deal.


Slide Holdings Insurance, Inc.(SLDE): Another Insurance IPO Sets Terms, Seeking $2bn Valuation

<ul>
<li>They write several homeowners’, condominium owners’, and commercial residential products in coastal specialty markets in Florida and South Carolina.</li>
<li>For the three months ended March 31, 2024 and March 31, 2025, they had gross premiums written of $245 million and $278 million.</li>
<li>The strong performance of peers could provide a potential tailwind for this IPO. </li>
</ul>


They write several homeowners’, condominium owners’, and commercial residential products in coastal specialty markets in Florida and South Carolina.
For the three months ended March 31, 2024 and March 31, 2025, they had gross premiums written of $245 million and $278 million.
The strong performance of peers could provide a potential tailwind for this IPO. 


Slide Holdings Insurance, Inc.(SLDE): Peeking at the IPO Prospectus of Another Florida Based Insurer

Neptune Insurance Holdings / Equity Capital Markets

<ul>
<li>The company priced 18.4 million shares at $20.00, the high end of its $18.00–$20.00 range and shares opened at $22.50, a 12.5% premium.</li>
<li>The deal was in high demand ahead of pricing, with order books reportedly more than 10x oversubscribed.</li>
<li>Neptune’s debut follows five other insurance-related IPOs this year, a sector that has produced strong results immediately following their IPOs.</li>
</ul>


The company priced 18.4 million shares at $20.00, the high end of its $18.00–$20.00 range and shares opened at $22.50, a 12.5% premium.
The deal was in high demand ahead of pricing, with order books reportedly more than 10x oversubscribed.
Neptune’s debut follows five other insurance-related IPOs this year, a sector that has produced strong results immediately following their IPOs.


Neptune Insurance Holdings (NP): Double-Digit Oversubscribed Demand Leads To 24% First Day Return

United States

Slide Insurance Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, focuses on underwriting of single family and condominium policies in the property and casualty industry. Slide Insurance Holdings serves clients in the United States.

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Slide Insurance Holdings (SLDE US)

Slide Holdings Insurance, Inc.(SLDE): Another Insurance IPO Winner, Opens Four Points Higher

Slide Holdings Insurance, Inc. (SLDE) IPO priced at $17.00, opened at $21.00 with a 23.5% gain, oversubscribed deal with top accounts receiving...

IPO Boutique

Slide Holdings Insurance, Inc.(SLDE): Florida Based Insurer Looking to Ride the Tailwinds of Sector

The IPO deal is oversubscribed with diversification, company wrote premiums of $1.33b in 2024, success of insurance sector boosts optics.

IPO Boutique

Slide Holdings Insurance, Inc.(SLDE): Another Insurance IPO Sets Terms, Seeking $2bn Valuation

Slide Insurance Holdings is set to go public in 2025, offering 20 million shares at $15-$17 with a market cap of $1.9b-$2.1b.

IPO Boutique

Slide Holdings Insurance, Inc.(SLDE): Peeking at the IPO Prospectus of Another Florida Based Insurer

Insurance company specializing in coastal markets in Florida and South Carolina sees growth in gross premiums written, potentially benefiting from...

IPO Boutique

Neptune Insurance Holdings (NP): Double-Digit Oversubscribed Demand Leads To 24% First Day Return

Neptune's IPO priced at $20 per share, opened at $22.50 with high demand and follows successful insurance-related IPOs this year.

IPO Boutique

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Slide Holdings Insurance, Inc.(SLDE): Another Insurance IPO Winner, Opens Four Points Higher

​Slide Holdings Insurance, Inc. (SLDE) IPO priced at $17.00, opened at $21.00 with a 23.5% gain, oversubscribed deal with top accounts receiving...

IPO Boutique

Slide Holdings Insurance, Inc.(SLDE): Florida Based Insurer Looking to Ride the Tailwinds of Sector

​The IPO deal is oversubscribed with diversification, company wrote premiums of $1.33b in 2024, success of insurance sector boosts optics.

IPO Boutique

Slide Holdings Insurance, Inc.(SLDE): Another Insurance IPO Sets Terms, Seeking $2bn Valuation

​Slide Insurance Holdings is set to go public in 2025, offering 20 million shares at $15-$17 with a market cap of $1.9b-$2.1b.

IPO Boutique

Slide Holdings Insurance, Inc.(SLDE): Peeking at the IPO Prospectus of Another Florida Based Insurer

​Insurance company specializing in coastal markets in Florida and South Carolina sees growth in gross premiums written, potentially benefiting from...

IPO Boutique

Neptune Insurance Holdings (NP): Double-Digit Oversubscribed Demand Leads To 24% First Day Return

​Neptune's IPO priced at $20 per share, opened at $22.50 with high demand and follows successful insurance-related IPOs this year.

IPO Boutique

Slide Holdings Insurance, Inc. (SLDE) IPO priced at $17.00, opened at $21.00 with a 23.5% gain, oversubscribed deal with top accounts receiving...

The IPO deal is oversubscribed with diversification, company wrote premiums of $1.33b in 2024, success of insurance sector boosts optics.

Slide Insurance Holdings is set to go public in 2025, offering 20 million shares at $15-$17 with a market cap of $1.9b-$2.1b.

Insurance company specializing in coastal markets in Florida and South Carolina sees growth in gross premiums written, potentially benefiting from...

Neptune's IPO priced at $20 per share, opened at $22.50 with high demand and follows successful insurance-related IPOs this year.