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

Venture Global LNG / Equity Capital Markets

<ul>
<li>Venture Global, Inc.’s IPO was one of the largest capital raises of the year, pulling in $1.75 billion through the sale of 70 million shares at $25.00 per share.</li>
<li>In the months following the IPO, the performance worsened. By April, Venture Global shares had plunged to a low of $6.75, marking a staggering 73% decline from its IPO price.</li>
<li>Regaining credibility will require not only strong quarterly results but also a sustained effort to rebuild institutional confidence.</li>
</ul>


Venture Global, Inc.’s IPO was one of the largest capital raises of the year, pulling in $1.75 billion through the sale of 70 million shares at $25.00 per share.
In the months following the IPO, the performance worsened. By April, Venture Global shares had plunged to a low of $6.75, marking a staggering 73% decline from its IPO price.
Regaining credibility will require not only strong quarterly results but also a sustained effort to rebuild institutional confidence.


Venture Global (VG) Six Month Summary: Failed IPO Shows How Fast Wall Street Love Can Fade

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/venture-global-lng-inc" target="_blank" data-smartkarma-citation="entities:44241:1" rel="noopener">Venture Global (VG US)</a> is forecasted to fail fast-entry to S&amp;P TMI due to insufficient fcap but is expected to be added at the March 2025 review.</li>
<li>
<a href="https://www.smartkarma.com/entities/venture-global-lng-inc" target="_blank" data-smartkarma-citation="entities:44241:1" rel="noopener">Venture Global (VG US)</a> is expected to be excluded from Global &amp; US indices due to low fcap and public voting rights mainly caused by the company's unlisted shares. </li>
<li>The probability of inclusion in Global &amp; US indices increases exponentially with the selling of Class B shares by Venture Global Partners.</li>
</ul>



Venture Global (VG US) is forecasted to fail fast-entry to S&amp;P TMI due to insufficient fcap but is expected to be added at the March 2025 review.

Venture Global (VG US) is expected to be excluded from Global &amp; US indices due to low fcap and public voting rights mainly caused by the company's unlisted shares. 
The probability of inclusion in Global &amp; US indices increases exponentially with the selling of Class B shares by Venture Global Partners.


Venture Global (VG US): Excluded from Global & US Indices Despite $50B Market Cap

<ul>
<li>Venture Global priced 70 million shares at $25 and the stock closed 4% below issue in its opening session.</li>
<li>The underwriting lineup grossly mispriced the IPO from the start and needed to drastically reduce the price range of the transaction.</li>
<li>The impact to the greater IPO market will be felt on the next large transaction.</li>
</ul>


Venture Global priced 70 million shares at $25 and the stock closed 4% below issue in its opening session.
The underwriting lineup grossly mispriced the IPO from the start and needed to drastically reduce the price range of the transaction.
The impact to the greater IPO market will be felt on the next large transaction.


Venture Global Inc. (VG): First Large IPO of the Year Falls Flat Following Massive Cut in Price

<ul>
<li>The company reduced the range from $40-$46 to $23-$27 and increased the amount of shares offered by the company from 50.0mm shares --&gt; 70.0mm shares.</li>
<li>It is highly unusual that the underwriting lineup, company and buy-side was so misaligned on valuation leading to this massive slashing of the deal.</li>
<li>The deal is considered "oversubscribed" with several significant anchor orders placed following the reworking of terms.</li>
</ul>


The company reduced the range from $40-$46 to $23-$27 and increased the amount of shares offered by the company from 50.0mm shares --&gt; 70.0mm shares.
It is highly unusual that the underwriting lineup, company and buy-side was so misaligned on valuation leading to this massive slashing of the deal.
The deal is considered "oversubscribed" with several significant anchor orders placed following the reworking of terms.


Venture Global Inc. (VG): IPO Terms Slashed by 40% in Reworking of Deal

<ul>
<li>Largest Cash Raise for a company since July 2024 marking important event for Equity Capital Markets to start the calendar year</li>
<li>Rising and volatile natural gas prices combined with rich valuation nearly prices company to perfection</li>
<li>Deal color for potential price sensitive IPOs is crucial in determining near-term performance</li>
</ul>


Largest Cash Raise for a company since July 2024 marking important event for Equity Capital Markets to start the calendar year
Rising and volatile natural gas prices combined with rich valuation nearly prices company to perfection
Deal color for potential price sensitive IPOs is crucial in determining near-term performance


Venture Global (VG): Rich Valuation Marks Questions About Being Already Priced for Perfection

United States

Venture Global LNG, Inc. operates as a producer of liquefied natural gas pipelines. The Company develops and constructs LNG export projects to provide clean, affordable energy to the world. Venture Global LNG serves worldwide.

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Venture Global LNG (VG US)

Venture Global (VG) Six Month Summary: Failed IPO Shows How Fast Wall Street Love Can Fade

Venture Global's $1.75 billion IPO was followed by a 73% decline in share price, now facing the challenge of rebuilding institutional confidence.

IPO Boutique

Venture Global (VG US): Excluded from Global & US Indices Despite $50B Market Cap

Venture Global fails fast-entry to S&P TMI but is expected to be added at the March 2025 review. It faces exclusion from Global & US indices due to...

Dimitris Ioannidis

Venture Global Inc. (VG): First Large IPO of the Year Falls Flat Following Massive Cut in Price

Venture Global's IPO priced at $25 per share, closing 4% lower in its opening session due to underpricing by the underwriting lineup, potentially...

IPO Boutique

Venture Global Inc. (VG): IPO Terms Slashed by 40% in Reworking of Deal

Company drastically reduces IPO price range and increases share offering after misalignment on valuation, deal now oversubscribed with anchor orders.

IPO Boutique

Venture Global (VG): Rich Valuation Marks Questions About Being Already Priced for Perfection

Significant cash raise for company signals strong start for Equity Capital Markets in 2024, but potential IPOs must carefully consider deal...

IPO Boutique

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Venture Global (VG) Six Month Summary: Failed IPO Shows How Fast Wall Street Love Can Fade

​Venture Global's $1.75 billion IPO was followed by a 73% decline in share price, now facing the challenge of rebuilding institutional confidence.

IPO Boutique

Venture Global (VG US): Excluded from Global & US Indices Despite $50B Market Cap

Venture Global fails fast-entry to S&P TMI but is expected to be added at the March 2025 review. It faces exclusion from Global & US indices due to...

Dimitris Ioannidis

Venture Global Inc. (VG): First Large IPO of the Year Falls Flat Following Massive Cut in Price

​Venture Global's IPO priced at $25 per share, closing 4% lower in its opening session due to underpricing by the underwriting lineup, potentially...

IPO Boutique

Venture Global Inc. (VG): IPO Terms Slashed by 40% in Reworking of Deal

​Company drastically reduces IPO price range and increases share offering after misalignment on valuation, deal now oversubscribed with anchor orders.

IPO Boutique

Venture Global (VG): Rich Valuation Marks Questions About Being Already Priced for Perfection

​Significant cash raise for company signals strong start for Equity Capital Markets in 2024, but potential IPOs must carefully consider deal...

IPO Boutique

Venture Global's $1.75 billion IPO was followed by a 73% decline in share price, now facing the challenge of rebuilding institutional confidence.

Venture Global's IPO priced at $25 per share, closing 4% lower in its opening session due to underpricing by the underwriting lineup, potentially...

Company drastically reduces IPO price range and increases share offering after misalignment on valuation, deal now oversubscribed with anchor orders.

Significant cash raise for company signals strong start for Equity Capital Markets in 2024, but potential IPOs must carefully consider deal...