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

Alliance Laundry Holdings / Index Rebalance

<ul>
<li>All eligible US IPOs that went public from 1 August to 31 October will get added to a major US index in December 2025.</li>
<li>The largest forecasted IPO additions in terms of market cap are <a href="https://www.smartkarma.com/entities/bullish-us-llc" target="_blank" data-smartkarma-citation="entities:45521:1" rel="noopener">Bullish US (BLSH US)</a>, <a href="https://www.smartkarma.com/entities/ft-intermediate-inc" target="_blank" data-smartkarma-citation="entities:45672:1" rel="noopener">FT Intermediate (FIGR US)</a> and <a href="https://www.smartkarma.com/entities/fermi-llc" target="_blank" data-smartkarma-citation="entities:45788:1" rel="noopener">Fermi (FRMI US)</a>.</li>
<li>The largest forecasted IPO additions in terms of passive fund impact include <a href="https://www.smartkarma.com/entities/legence-corp" target="_blank" data-smartkarma-citation="entities:45669:1" rel="noopener">Legence (LGN US)</a>, <a href="https://www.smartkarma.com/entities/via-transportation-inc" target="_blank" data-smartkarma-citation="entities:45670:1" rel="noopener">Via Transportation (VIA US)</a> and <a href="https://www.smartkarma.com/entities/avidia-bancorp-inc" target="_blank" data-smartkarma-citation="entities:46007:1" rel="noopener">Avidia Bancorp (AVBC US)</a>.</li>
</ul>


All eligible US IPOs that went public from 1 August to 31 October will get added to a major US index in December 2025.
The largest forecasted IPO additions in terms of market cap are Bullish US (BLSH US), FT Intermediate (FIGR US) and Fermi (FRMI US).
The largest forecasted IPO additions in terms of passive fund impact include Legence (LGN US), Via Transportation (VIA US) and Avidia Bancorp (AVBC US).


US: 19 IPOs Forecasted for Index Addition in December 2025

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

<ul>
<li>The e-commerce accelerator priced 21.4 million shares at $14.00, the midpoint of the range, raising just under $300 million.</li>
<li>Shares opened slightly below issue at $13.50, down 3.6% at the first trade but buyers quickly stepped in to stabilize the stock and finish 11.6% above issue.</li>
<li>The stock’s ability to recover from a weak open and close well above issue indicates see value in this company. </li>
</ul>


The e-commerce accelerator priced 21.4 million shares at $14.00, the midpoint of the range, raising just under $300 million.
Shares opened slightly below issue at $13.50, down 3.6% at the first trade but buyers quickly stepped in to stabilize the stock and finish 11.6% above issue.
The stock’s ability to recover from a weak open and close well above issue indicates see value in this company. 


Pattern Group IPO: From Shaky Open to Strong Close as Buyers Step In

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>MNTN, Inc. (pronounced "mountain"), leader in OTT advertising software and first mover of PTV in the United States, filed to go public.</li>
<li>Founder-Led adtech company was backed by Fidelity, BlackRock, Greycroft, SV Angel, Qualcomm Ventures, and Baroda Ventures, among others.</li>
<li>I like the company’s leadership position,  high growth, FCF positive business and $60B+ near-term market opportunity centering around SMBs in the United States.</li>
</ul>


MNTN, Inc. (pronounced "mountain"), leader in OTT advertising software and first mover of PTV in the United States, filed to go public.
Founder-Led adtech company was backed by Fidelity, BlackRock, Greycroft, SV Angel, Qualcomm Ventures, and Baroda Ventures, among others.
I like the company’s leadership position,  high growth, FCF positive business and $60B+ near-term market opportunity centering around SMBs in the United States.


MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

SmartStop Self Storage REIT / Equity Capital Markets

<ul>
<li>SmartStop priced a full-size deal of 27.0mm shares at $30.00 and opened for trading at $32.40 for a gain of 8% at first trade.</li>
<li>The offering finished five-times oversubscribed with the underwriter stating that the deal had sizable participation from long-only and REIT-dedicated accounts.</li>
<li>A low-risk storage unit company which pays a monthly dividend, like SmartStop, attracted the right buyer for this deal to work given the current economic environment.</li>
</ul>


SmartStop priced a full-size deal of 27.0mm shares at $30.00 and opened for trading at $32.40 for a gain of 8% at first trade.
The offering finished five-times oversubscribed with the underwriter stating that the deal had sizable participation from long-only and REIT-dedicated accounts.
A low-risk storage unit company which pays a monthly dividend, like SmartStop, attracted the right buyer for this deal to work given the current economic environment.


SmartStop Self Storage (SMA): Upside Surprise, IPO Pops 8% at Open and Trades Higher

<ul>
<li>CoreWeave priced a down-sized transaction of 37.5mm shares at $40.00 ($7 Below the Original $47-$55 range) and opened at $39.00 for a loss of 2.5% at first trade</li>
<li>According to our underwriter sources, the deal finished multiple-times oversubscribed with the top three accounts getting 50% of the deal and the top 15 accounts taking down 90% of the transaction.</li>
<li>This IPO in particular was a difficult deal to value for IPO investors based upon being a "first mover" in the AI space.</li>
</ul>


CoreWeave priced a down-sized transaction of 37.5mm shares at $40.00 ($7 Below the Original $47-$55 range) and opened at $39.00 for a loss of 2.5% at first trade
According to our underwriter sources, the deal finished multiple-times oversubscribed with the top three accounts getting 50% of the deal and the top 15 accounts taking down 90% of the transaction.
This IPO in particular was a difficult deal to value for IPO investors based upon being a "first mover" in the AI space.


CoreWeave Inc (CRWV): IPO Opens Below Issue, Closes Flat in Debut Session

United States

Stubhub Holdings, Inc. is a holding company. The Company, through its subsidiaries, provides an online marketplace to buy and sell tickets for sports, concerts, theater, festivals, and live events. Stubhub Holdings operates worldwide.

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StubHub Holdings (STUB US)

US: 19 IPOs Forecasted for Index Addition in December 2025

Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

Dimitris Ioannidis

Pattern Group IPO: From Shaky Open to Strong Close as Buyers Step In

E-commerce accelerator prices IPO at $14, opens slightly below but finishes 11.6% above, showing strong investor interest.

IPO Boutique

MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

MNTN, inc., an adtech software platform provider and category creator of Performance TV, plans to go public in the United States. The company was...

Andrei Zakharov

SmartStop Self Storage (SMA): Upside Surprise, IPO Pops 8% at Open and Trades Higher

SmartStop's successful IPO reflects strong demand from long-only and REIT-dedicated investors for low-risk storage unit companies with monthly...

IPO Boutique

CoreWeave Inc (CRWV): IPO Opens Below Issue, Closes Flat in Debut Session

CoreWeave's IPO priced lower than expected, opening at a loss of 2.5% with top accounts dominating the transaction, reflecting challenges in...

IPO Boutique

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US: 19 IPOs Forecasted for Index Addition in December 2025

​Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

Dimitris Ioannidis

Pattern Group IPO: From Shaky Open to Strong Close as Buyers Step In

​E-commerce accelerator prices IPO at $14, opens slightly below but finishes 11.6% above, showing strong investor interest.

IPO Boutique

MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

MNTN, inc., an adtech software platform provider and category creator of Performance TV, plans to go public in the United States. The company was...

Andrei Zakharov

SmartStop Self Storage (SMA): Upside Surprise, IPO Pops 8% at Open and Trades Higher

​SmartStop's successful IPO reflects strong demand from long-only and REIT-dedicated investors for low-risk storage unit companies with monthly...

IPO Boutique

CoreWeave Inc (CRWV): IPO Opens Below Issue, Closes Flat in Debut Session

​CoreWeave's IPO priced lower than expected, opening at a loss of 2.5% with top accounts dominating the transaction, reflecting challenges in...

IPO Boutique

Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

E-commerce accelerator prices IPO at $14, opens slightly below but finishes 11.6% above, showing strong investor interest.

SmartStop's successful IPO reflects strong demand from long-only and REIT-dedicated investors for low-risk storage unit companies with monthly...

CoreWeave's IPO priced lower than expected, opening at a loss of 2.5% with top accounts dominating the transaction, reflecting challenges in...