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

American Integrity Insurance Group / Equity Capital Markets

<ul>
<li>American Integrity Insurance Group (AII US) was one of two insurance companies to set terms for an IPO on Tuesday morning for a debut next week.</li>
<li>Gross premiums written increased 43.9% to $212.2 million for the three months ended March 31, 2025, compared to $147.5 million for the three months ended March 31, 2024. </li>
<li>The underwriting lineup on this sector, led by Keefe Bruyette &amp; Woods, has a strong track record of pricing and placing transactions in this sector.</li>
</ul>


American Integrity Insurance Group (AII US) was one of two insurance companies to set terms for an IPO on Tuesday morning for a debut next week.
Gross premiums written increased 43.9% to $212.2 million for the three months ended March 31, 2025, compared to $147.5 million for the three months ended March 31, 2024. 
The underwriting lineup on this sector, led by Keefe Bruyette &amp; Woods, has a strong track record of pricing and placing transactions in this sector.


American Integrity Insurance Group (AII): Florida Based Insurance Company Sets Terms for IPO

Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

Cross Asset Strategy

<ul>
<li>The S&amp;P 500 is deeply oversold by historical standards, but it remains an open question of whether stock prices will decline further after a short-term bounce.</li>
<li>Our estimate of S&amp;P 500 downside is 3900–4500 without a recession, with strong technical support at 4800. Downside risk with a recession is 3300-3800.</li>
<li>Current readings indicate elevated recession risk based on consensus policy expectations, which can change at any time.</li>
</ul>


The S&amp;P 500 is deeply oversold by historical standards, but it remains an open question of whether stock prices will decline further after a short-term bounce.
Our estimate of S&amp;P 500 downside is 3900–4500 without a recession, with strong technical support at 4800. Downside risk with a recession is 3300-3800.
Current readings indicate elevated recession risk based on consensus policy expectations, which can change at any time.


Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Quantitative Analysis

<ul>
<li>The SP500 has enjoyed a prolonged period of outperformance against its international peers.</li>
<li>This year’s political shift and new policy actions could challenge long-held investment assumptions.</li>
<li>We examine the SP500’s performance relative to a range of international indexes and assets.</li>
</ul>


The SP500 has enjoyed a prolonged period of outperformance against its international peers.
This year’s political shift and new policy actions could challenge long-held investment assumptions.
We examine the SP500’s performance relative to a range of international indexes and assets.


USA Against ROW: Trends in Global Market Leadership

<ul>
<li>Nascent signs of a major market top are appearing even as the S&amp;P 500 tests its all-time high.</li>
<li>A growing negative breadth divergence and a potential growth shock of mass deportations could sideswipe stock prices.</li>
<li>The scenario of a major market top in Q1 or Q2 2025 is building. The caveat is these are very early signs of risk.</li>
</ul>


Nascent signs of a major market top are appearing even as the S&amp;P 500 tests its all-time high.
A growing negative breadth divergence and a potential growth shock of mass deportations could sideswipe stock prices.
The scenario of a major market top in Q1 or Q2 2025 is building. The caveat is these are very early signs of risk.


Two Key Risks to the Bull That No One Is Talking About

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>The Insight presents two <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener"><strong>S&amp;P 500 INDEX</strong> (SPX INDEX)</a> options strategies for 2025. Call overwriting can generate premium income and potentially enhance returns in a choppy but mildly positive market.</li>
<li>The second strategy is a Risk Reversal, using the proceeds from a short call to buy a protective put option, providing downside protection while still allowing for some upside potential.</li>
<li>Both strategies are designed to align with the expected market conditions, considering factors such as inflation, economic growth, and market volatility.</li>
</ul>


The Insight presents two S&amp;P 500 INDEX (SPX INDEX) options strategies for 2025. Call overwriting can generate premium income and potentially enhance returns in a choppy but mildly positive market.
The second strategy is a Risk Reversal, using the proceeds from a short call to buy a protective put option, providing downside protection while still allowing for some upside potential.
Both strategies are designed to align with the expected market conditions, considering factors such as inflation, economic growth, and market volatility.


EQD | S&P 500 (SPX Index) - An Options Strategy for 2025

United States

SPDR S&P 500 ETF Trust is an exchange-traded fund incorporated in the USA. The ETF tracks the S&P 500 Index. The Trust consists of a portfolio representing all 500 stocks in the S&P 500 Index. It holds predominantly large-cap U.S. stocks. This ETF is structured as a Unit Investment Trust and pays dividends on a quarterly basis. The holdings are weighted by market capitalization.

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SPDR S&P 500 (SPY US)

American Integrity Insurance Group (AII): Florida Based Insurance Company Sets Terms for IPO

American Integrity Insurance Group sets terms for IPO, with strong underwriting lineup and significant increase in gross premiums written.

IPO Boutique

Estimating Downside Risk

The S&P 500 is deeply oversold by historical standards. Our estimate of S&P 500 downside is 3900–4500 without a recession, with support at 4800....

Cam Hui

USA Against ROW: Trends in Global Market Leadership

The SP500's outperformance may face challenges due to political shifts and new policies, prompting a reevaluation of investment assumptions.

John Ley

Two Key Risks to the Bull That No One Is Talking About

A growing negative breadth divergence and a potential growth shock of mass deportations could sideswipe stock prices even as the S&P 500 makes an...

Cam Hui

EQD | S&P 500 (SPX Index) - An Options Strategy for 2025

S&P 500 options strategies for a choppy but mildly positive 2025. Call Overwriting for premium income and Risk Reversal for downside protection...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

American Integrity Insurance Group (AII): Florida Based Insurance Company Sets Terms for IPO

​American Integrity Insurance Group sets terms for IPO, with strong underwriting lineup and significant increase in gross premiums written.

IPO Boutique

Estimating Downside Risk

The S&P 500 is deeply oversold by historical standards. Our estimate of S&P 500 downside is 3900–4500 without a recession, with support at 4800....

Cam Hui

USA Against ROW: Trends in Global Market Leadership

​The SP500's outperformance may face challenges due to political shifts and new policies, prompting a reevaluation of investment assumptions.

John Ley

Two Key Risks to the Bull That No One Is Talking About

A growing negative breadth divergence and a potential growth shock of mass deportations could sideswipe stock prices even as the S&P 500 makes an...

Cam Hui

EQD | S&P 500 (SPX Index) - An Options Strategy for 2025

S&P 500 options strategies for a choppy but mildly positive 2025. Call Overwriting for premium income and Risk Reversal for downside protection...

Gaudenz Schneider

American Integrity Insurance Group sets terms for IPO, with strong underwriting lineup and significant increase in gross premiums written.

The SP500's outperformance may face challenges due to political shifts and new policies, prompting a reevaluation of investment assumptions.