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

Smithfield Foods / Equity Capital Markets

<ul>
<li>Spin-Off of WH Group's could raise up to $939 million if priced at the high-end of the range</li>
<li>The IPO is set to price on Monday January 27th for a Tuesday, January 28th debut</li>
<li>Flash numbers revealed sales for the three months ended December 29, 2024 will range from $3,873 million to $3,953 million (prev. year $3,998 million)</li>
</ul>


Spin-Off of WH Group's could raise up to $939 million if priced at the high-end of the range
The IPO is set to price on Monday January 27th for a Tuesday, January 28th debut
Flash numbers revealed sales for the three months ended December 29, 2024 will range from $3,873 million to $3,953 million (prev. year $3,998 million)


Smithfield Foods (SFD): Terms Set for WH Group's Spin-Off

<ul>
<li>American food giant with $14 billion in sales to go public in Q1</li>
<li>Company is a spin-off from WH Group which acquired Smithfield in 2013</li>
<li>Breaking down key points of the initial prospectus which was filed  on January 6th</li>
</ul>


American food giant with $14 billion in sales to go public in Q1
Company is a spin-off from WH Group which acquired Smithfield in 2013
Breaking down key points of the initial prospectus which was filed  on January 6th


Smithfield Foods (SFD) : Peeking at the Prospectus of an Upcoming Q1 IPO

<ul>
<li>The company priced an upsized 12.0 million share offering at $17.00—above the initial range—and opened 29.4% higher at $22.00.</li>
<li>In March, amid broader sector weakness across the medical device space, the stock broke below its IPO price.</li>
<li>The company did report better than expected sales in its most recent quarterly report last week with guidance raised giving long term investors more confidence in its execution moving forward.</li>
</ul>


The company priced an upsized 12.0 million share offering at $17.00—above the initial range—and opened 29.4% higher at $22.00.
In March, amid broader sector weakness across the medical device space, the stock broke below its IPO price.
The company did report better than expected sales in its most recent quarterly report last week with guidance raised giving long term investors more confidence in its execution moving forward.


Beta Bionic Inc (BBNX) Six Month Summary: From Breakout to Breakdown

Kilcoy Global Foods / Equity Capital Markets

<ul>
<li>They provide tasty, fresh, natural, healthy and convenient food products to customers across over 40 countries worldwide. </li>
<li>For the year ended December 31, 2024, they recorded a total revenue of US$2,195.0 million, increasing by 17.3% from US$1,870.7 million for the year ended December 31, 2023.</li>
<li>The area in which this company operates in is one that is not traditionally attractive to IPO investors as the margins are low and the competition is high.</li>
</ul>


They provide tasty, fresh, natural, healthy and convenient food products to customers across over 40 countries worldwide. 
For the year ended December 31, 2024, they recorded a total revenue of US$2,195.0 million, increasing by 17.3% from US$1,870.7 million for the year ended December 31, 2023.
The area in which this company operates in is one that is not traditionally attractive to IPO investors as the margins are low and the competition is high.


Kilcoy Global Foods (KGF): China Based Protein Provider Readying for July IPO

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>You could label <a href="https://www.smartkarma.com/entities/kyocera-corp" target="_blank" data-smartkarma-citation="entities:753:1" rel="noopener">Kyocera Corp (6971 JP)</a>"BULLISH" because the stock goes up rather than down; but you could easily label this BEARISH because the prospects aren't exciting.</li>
<li>
<a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a>spins off <a href="https://www.smartkarma.com/entities/smithfield-foods-inc" target="_blank" data-smartkarma-citation="entities:44251:1" rel="noopener">Smithfield Foods (SFD US)</a> - below the prior expected price range.  Pricing looks full here.</li>
<li>As <a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">China National Building Material (3323 HK)</a>'s Partial Offer heads towards the pointy end, do you buy, and/or borrow, and tender; short outright; or short tender?</li>
</ul>


You could label Kyocera Corp (6971 JP)"BULLISH" because the stock goes up rather than down; but you could easily label this BEARISH because the prospects aren't exciting.

WH Group (288 HK)spins off Smithfield Foods (SFD US) - below the prior expected price range.  Pricing looks full here.
As China National Building Material (3323 HK)'s Partial Offer heads towards the pointy end, do you buy, and/or borrow, and tender; short outright; or short tender?


Last Week in Event SPACE: Kyocera, WH Group/Smithfield, CNBM, Japan Eyewear, Core Concept Tech

United States

Smithfield Foods, Inc. is an American food company with a leading position in packaged meats and fresh pork products. With a diverse brand portfolio and strong relationships with U.S. farmers and customers, the company responsibly meets demand for quality protein around the world.

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Smithfield Foods (SFD US)

Smithfield Foods (SFD): Terms Set for WH Group's Spin-Off

WH Group's spin-off IPO could raise $939 million, set to debut on January 28th, set terms for its upcoming IPO on Tuesday morning.

IPO Boutique

Smithfield Foods (SFD) : Peeking at the Prospectus of an Upcoming Q1 IPO

American food giant, a spin-off from WH Group, set to go public in Q1 with $14 billion in sales, as detailed in initial prospectus filed on...

IPO Boutique

Beta Bionic Inc (BBNX) Six Month Summary: From Breakout to Breakdown

Company prices upsized share offering above initial range, opens 29.4% higher. Stock broke below IPO price in March but recent quarterly may begin...

IPO Boutique

Kilcoy Global Foods (KGF): China Based Protein Provider Readying for July IPO

A global food company sees strong revenue growth despite challenges in attracting IPO investors due to low margins and high competition.

IPO Boutique

Last Week in Event SPACE: Kyocera, WH Group/Smithfield, CNBM, Japan Eyewear, Core Concept Tech

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Smithfield Foods (SFD): Terms Set for WH Group's Spin-Off

​WH Group's spin-off IPO could raise $939 million, set to debut on January 28th, set terms for its upcoming IPO on Tuesday morning.

IPO Boutique

Smithfield Foods (SFD) : Peeking at the Prospectus of an Upcoming Q1 IPO

​American food giant, a spin-off from WH Group, set to go public in Q1 with $14 billion in sales, as detailed in initial prospectus filed on...

IPO Boutique

Beta Bionic Inc (BBNX) Six Month Summary: From Breakout to Breakdown

​Company prices upsized share offering above initial range, opens 29.4% higher. Stock broke below IPO price in March but recent quarterly may begin...

IPO Boutique

Kilcoy Global Foods (KGF): China Based Protein Provider Readying for July IPO

​A global food company sees strong revenue growth despite challenges in attracting IPO investors due to low margins and high competition.

IPO Boutique

Last Week in Event SPACE: Kyocera, WH Group/Smithfield, CNBM, Japan Eyewear, Core Concept Tech

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

WH Group's spin-off IPO could raise $939 million, set to debut on January 28th, set terms for its upcoming IPO on Tuesday morning.

American food giant, a spin-off from WH Group, set to go public in Q1 with $14 billion in sales, as detailed in initial prospectus filed on...

Company prices upsized share offering above initial range, opens 29.4% higher. Stock broke below IPO price in March but recent quarterly may begin...

A global food company sees strong revenue growth despite challenges in attracting IPO investors due to low margins and high competition.