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>Company is a manufacturer and supplier of heavy building materials and services operating primarily on the Eastern Seaboard of the United States</li>
<li>They have experienced 50% revenue growth, 150% net income growth and 65% Adjusted EBITDA growth from fiscal 2019 to fiscal 2023.</li>
<li>New York Stock Exchange to list the US unit of Brussels-based Titan Cement International SA</li>
</ul>


Company is a manufacturer and supplier of heavy building materials and services operating primarily on the Eastern Seaboard of the United States
They have experienced 50% revenue growth, 150% net income growth and 65% Adjusted EBITDA growth from fiscal 2019 to fiscal 2023.
New York Stock Exchange to list the US unit of Brussels-based Titan Cement International SA


Titan America (TTAM): Peeking at the Prospectus of Potential February IPO for Titan Cement's US Unit

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Summit Materials Inc Cl A / Equity Bottom-Up

<ul><li>In Q3 2024, Summit Materials, Inc. presented a detailed analysis of its performance, addressing the impacts of challenging conditions, including severe weather, operational obstacles, and strategic initiatives.</li><li>Despite these hurdles, the company achieved record quarterly and trailing 12-month adjusted EBITDA margins at 28.3% and 24.3%, respectively, underscoring strong execution and cost management efforts.</li><li>This success was driven by Summit’s focus on high-quality operations and efficient resource allocation.</li></ul>

In Q3 2024, Summit Materials, Inc. presented a detailed analysis of its performance, addressing the impacts of challenging conditions, including severe weather, operational obstacles, and strategic initiatives.Despite these hurdles, the company achieved record quarterly and trailing 12-month adjusted EBITDA margins at 28.3% and 24.3%, respectively, underscoring strong execution and cost management efforts.This success was driven by Summit’s focus on high-quality operations and efficient resource allocation.

Summit Materials Inc.: How Are They Managing Input Cost Inflation and Hedging Strategies? - Major Drivers

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside constructive market dynamics; the path of least resistance is higher.</li>
<li>We have discussed for the past two weeks (since our 10/22/24 Compass) how we would treat any pre-election pullback as a buying opportunity, and we are finally getting a pullback.</li>
<li>We expect SPX support at 5600-5670, and will remain bullish as long as 5600 support holds. Starting as early as today/tomorrow, we expect a strong end-of-year rally extending into early-2025</li>
</ul>


Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside constructive market dynamics; the path of least resistance is higher.
We have discussed for the past two weeks (since our 10/22/24 Compass) how we would treat any pre-election pullback as a buying opportunity, and we are finally getting a pullback.
We expect SPX support at 5600-5670, and will remain bullish as long as 5600 support holds. Starting as early as today/tomorrow, we expect a strong end-of-year rally extending into early-2025


Buy the Pullback; Expecting Significant End of Year Rally to Start as Soon as Today or Tomorrow

<ul>
<li>Outlook remains bullish following the SPX multi-month base breakout above 5670-5783, alongside constructive market dynamics. The market is quite clearly telling us that the path of least resistance is higher.</li>
<li>We would treat any pre-election pullback (if it comes) as a buying opportunity, and we expect to see support on the SPX at 5760 and 5655-5670.</li>
<li>We believe there will be a strong end-of-year rally that will extend into the early part of 2025 due to bullish end-of-year seasonal tendencies during up years (SPX +22.1% YTD).</li>
</ul>


Outlook remains bullish following the SPX multi-month base breakout above 5670-5783, alongside constructive market dynamics. The market is quite clearly telling us that the path of least resistance is higher.
We would treat any pre-election pullback (if it comes) as a buying opportunity, and we expect to see support on the SPX at 5760 and 5655-5670.
We believe there will be a strong end-of-year rally that will extend into the early part of 2025 due to bullish end-of-year seasonal tendencies during up years (SPX +22.1% YTD).


Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX; Bitcoin Breaking Out

<ul><li>Quikrete, a dominant force in North American concrete and cement mixes, has approached Summit Materials (NYSE:SUM), with a market value surpassing $7 billion, for a potential acquisition.</li><li>The discussions, while in preliminary stages, reflect significant momentum in the building materials industry, driven by expanding government infrastructure spending and a competitive market landscape.</li><li>Quikrete’s interest comes at a pivotal time: both companies have recently grown through strategic mergers and acquisitions.</li></ul>

Quikrete, a dominant force in North American concrete and cement mixes, has approached Summit Materials (NYSE:SUM), with a market value surpassing $7 billion, for a potential acquisition.The discussions, while in preliminary stages, reflect significant momentum in the building materials industry, driven by expanding government infrastructure spending and a competitive market landscape.Quikrete’s interest comes at a pivotal time: both companies have recently grown through strategic mergers and acquisitions.

Why Quikrete's Bid for Summit Materials Could Be a Game-Changer in the Building Materials Industry!

United States

Summit Materials, Inc. manufactures cement and concrete products. The Company produces cement, ready mix products which includes blocks, pipes, bricks, walls, and girders.

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Summit Materials Inc Cl A (SUM US)

Titan America (TTAM): Peeking at the Prospectus of Potential February IPO for Titan Cement's US Unit

Manufacturer of heavy building materials on the Eastern Seaboard sees significant financial growth, leading to listing on NYSE.

IPO Boutique

Summit Materials Inc.: How Are They Managing Input Cost Inflation and Hedging Strategies? - Major Drivers

In Q3 2024, Summit Materials, Inc. presented a detailed analysis of its performance, addressing the impacts of challenging conditions, including...

Baptista Research

Buy the Pullback; Expecting Significant End of Year Rally to Start as Soon as Today or Tomorrow

Buy the Pullback $SPX $QQQ $IWM $IJH $VXF; Expecting Significant End of Year Rally to Start as Soon as Today or Tomorrow as market dynamics to...

Vermilion Research

Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX; Bitcoin Breaking Out

Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX $QQQ $NDX $IWM; Bitcoin and Silver Breaking Out $IBIT $SLV. Pullbacks =...

Vermilion Research

Why Quikrete's Bid for Summit Materials Could Be a Game-Changer in the Building Materials Industry!

Quikrete, a dominant force in North American concrete and cement mixes, has approached Summit Materials (NYSE:SUM), with a market value surpassing...

Baptista Research

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52-week Range

Market Cap (USDm)

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Titan America (TTAM): Peeking at the Prospectus of Potential February IPO for Titan Cement's US Unit

​Manufacturer of heavy building materials on the Eastern Seaboard sees significant financial growth, leading to listing on NYSE.

IPO Boutique

Summit Materials Inc.: How Are They Managing Input Cost Inflation and Hedging Strategies? - Major Drivers

In Q3 2024, Summit Materials, Inc. presented a detailed analysis of its performance, addressing the impacts of challenging conditions, including...

Baptista Research

Buy the Pullback; Expecting Significant End of Year Rally to Start as Soon as Today or Tomorrow

Buy the Pullback $SPX $QQQ $IWM $IJH $VXF; Expecting Significant End of Year Rally to Start as Soon as Today or Tomorrow as market dynamics to...

Vermilion Research

Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX; Bitcoin Breaking Out

Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX $QQQ $NDX $IWM; Bitcoin and Silver Breaking Out $IBIT $SLV. Pullbacks =...

Vermilion Research

Why Quikrete's Bid for Summit Materials Could Be a Game-Changer in the Building Materials Industry!

Quikrete, a dominant force in North American concrete and cement mixes, has approached Summit Materials (NYSE:SUM), with a market value surpassing...

Baptista Research

Manufacturer of heavy building materials on the Eastern Seaboard sees significant financial growth, leading to listing on NYSE.