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

StubHub Holdings / Equity Capital Markets

<ul>
<li>StubHub will offer 34.042 million shares at a $22-25 range and will debut on Wednesday, 9/17.</li>
<li>The company is currently not profitable and revenues had only grown 3% in the 1H of 2025 and has a large amount of indebtedness.</li>
<li>This deal has been highly-telegraphed with the original filing happening in March but the IPO was put on pause after market volatility in April.</li>
</ul>


StubHub will offer 34.042 million shares at a $22-25 range and will debut on Wednesday, 9/17.
The company is currently not profitable and revenues had only grown 3% in the 1H of 2025 and has a large amount of indebtedness.
This deal has been highly-telegraphed with the original filing happening in March but the IPO was put on pause after market volatility in April.


StubHub Holdings (STUB): Ticket Marketplace Company Sets Terms, Seeks up to $9.2b Valuation

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>StubHub Holdings is expected to IPO in September. The online ticketing giant did not disclose the proposed size and price range for the share sale.</li>
<li>According to the WSJ and CNBC, StubHub Holdings was eyeing a valuation of about $16.5B, implying the richest valuation among peers in the secondary ticketing market.</li>
<li>While I’m bullish on the market opportunity for StubHub Holdings, ~$16.5B IPO valuation forces me to remain on the sidelines.</li>
</ul>


StubHub Holdings is expected to IPO in September. The online ticketing giant did not disclose the proposed size and price range for the share sale.
According to the WSJ and CNBC, StubHub Holdings was eyeing a valuation of about $16.5B, implying the richest valuation among peers in the secondary ticketing market.
While I’m bullish on the market opportunity for StubHub Holdings, ~$16.5B IPO valuation forces me to remain on the sidelines.


StubHub IPO Valuation Analysis: Premium Multiple Is Justified, But The Growth Is Slowing Down

<ul>
<li>StubHub Holdings, a category-leading marketplace for secondary tickets, seeks to raise up to $1B in US IPO. J.P. Morgan and Goldman Sachs are leading the offering.</li>
<li>The company was backed by Madrone Capital Partners, Bessemer Venture Partners, WestCap Management, and PointState Capital, among others.</li>
<li>I view StubHub Holdings as a great company and a category winner that is addressing a large and growing TAM with room for growth for years.</li>
</ul>


StubHub Holdings, a category-leading marketplace for secondary tickets, seeks to raise up to $1B in US IPO. J.P. Morgan and Goldman Sachs are leading the offering.
The company was backed by Madrone Capital Partners, Bessemer Venture Partners, WestCap Management, and PointState Capital, among others.
I view StubHub Holdings as a great company and a category winner that is addressing a large and growing TAM with room for growth for years.


StubHub IPO Preview: Bread and Games! The Ticketing Decacorn Is Ready To Go Public

<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

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)

StubHub Holdings (STUB): Ticket Marketplace Company Sets Terms, Seeks up to $9.2b Valuation

StubHub to debut IPO on 9/17, offering 34.042 million shares at $22-25 range despite lack of profitability and high indebtedness.

IPO Boutique

StubHub IPO Valuation Analysis: Premium Multiple Is Justified, But The Growth Is Slowing Down

In my follow-up piece, I discuss key investment risks, valuation comps and competitive landscape in the U.S. ticketing industry

Andrei Zakharov

StubHub IPO Preview: Bread and Games! The Ticketing Decacorn Is Ready To Go Public

StubHub Holdings, a leading secondary ticket marketplace, aims to raise up to $1B in US IPO with backing from top-tier investors. The ticketing...

Andrei Zakharov

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

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Market Cap (USDm)

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StubHub Holdings (STUB): Ticket Marketplace Company Sets Terms, Seeks up to $9.2b Valuation

​StubHub to debut IPO on 9/17, offering 34.042 million shares at $22-25 range despite lack of profitability and high indebtedness.

IPO Boutique

StubHub IPO Valuation Analysis: Premium Multiple Is Justified, But The Growth Is Slowing Down

In my follow-up piece, I discuss key investment risks, valuation comps and competitive landscape in the U.S. ticketing industry

Andrei Zakharov

StubHub IPO Preview: Bread and Games! The Ticketing Decacorn Is Ready To Go Public

​StubHub Holdings, a leading secondary ticket marketplace, aims to raise up to $1B in US IPO with backing from top-tier investors. The ticketing...

Andrei Zakharov

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

StubHub to debut IPO on 9/17, offering 34.042 million shares at $22-25 range despite lack of profitability and high indebtedness.

StubHub Holdings, a leading secondary ticket marketplace, aims to raise up to $1B in US IPO with backing from top-tier investors. The ticketing...

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