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>Figma is offering 36.9mm shares at $25.00-$28.00 equating to a market cap of $12.2bn-$13.65b and is scheduled to debut on July 31st.</li>
<li>They estimate their total revenue to increase by 39% to 41% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.</li>
<li>This company is highly regarded in the software sector and we believe that there will be ample interest in this IPO.</li>
</ul>


Figma is offering 36.9mm shares at $25.00-$28.00 equating to a market cap of $12.2bn-$13.65b and is scheduled to debut on July 31st.
They estimate their total revenue to increase by 39% to 41% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
This company is highly regarded in the software sector and we believe that there will be ample interest in this IPO.


Figma Inc (FIG): High Profile Software IPO Sets Terms, Expecting Major Attention Next Week

NIQ Global Intelligence / Equity Capital Markets

<ul>
<li>NIQ Global Intelligence plc is offering 50.0mm shares at $20.00-$24.00 equating to a market cap of $5.9b-$7.1b and is scheduled to debut on July 23rd.</li>
<li>If successful, this will be the third IPO to raise $1 billion in 2025. </li>
<li>NIQ Global Intelligence has a boat-load of debt, is private-equity backed but has a growth profile that is promising. We believe price sensitivity may play a role.</li>
</ul>


NIQ Global Intelligence plc is offering 50.0mm shares at $20.00-$24.00 equating to a market cap of $5.9b-$7.1b and is scheduled to debut on July 23rd.
If successful, this will be the third IPO to raise $1 billion in 2025. 
NIQ Global Intelligence has a boat-load of debt, is private-equity backed but has a growth profile that is promising. We believe price sensitivity may play a role.


NIQ Global Intelligence Plc (NIQ): Advent-Backed, Consumer Intelligence Company Sets Terms for IPO

<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

<ul>
<li>CoreWeave (CRWV US) officially set terms for an IPO on Thursday morning coming in with a valuation and cash raise that was much lower than previously reported. </li>
<li>Furthermore, the underwriters placed a wider-than-normal spread on the range, $47-$55. This insinuates a negotiation process between the buy-side.</li>
<li>The valuation coming in lower than anticipated will allow investors to put money to work at a more attractive risk-reward profile. </li>
</ul>


CoreWeave (CRWV US) officially set terms for an IPO on Thursday morning coming in with a valuation and cash raise that was much lower than previously reported. 
Furthermore, the underwriters placed a wider-than-normal spread on the range, $47-$55. This insinuates a negotiation process between the buy-side.
The valuation coming in lower than anticipated will allow investors to put money to work at a more attractive risk-reward profile. 


CoreWeave (CRWV): Valuation, Cash Raise Lighter than Expected as Company Pushes Ahead with IPO

Kestra Medical Technologies / Equity Capital Markets

<ul>
<li>Kestra Medical Technologies priced 11.9mm shares (upsized from 10.0mm) at $17.00 ($1 Above the $14-$16 range) and opened at $22.95 for a gain of 35%.</li>
<li>Kestra Medical Technologies (KMTS US) is the second medical device company to go public with success in 2025.</li>
<li>The equity capital markets area is still under scrutiny as a whole following the lackluster debuts of the two large IPOs in 2025.</li>
</ul>


Kestra Medical Technologies priced 11.9mm shares (upsized from 10.0mm) at $17.00 ($1 Above the $14-$16 range) and opened at $22.95 for a gain of 35%.
Kestra Medical Technologies (KMTS US) is the second medical device company to go public with success in 2025.
The equity capital markets area is still under scrutiny as a whole following the lackluster debuts of the two large IPOs in 2025.


Kestra Medical Technologies (KMTS): IPO Pops 35% at Open, Holds Gains Amidst Volatile Backdrop

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)

Figma Inc (FIG): High Profile Software IPO Sets Terms, Expecting Major Attention Next Week

Figma set to debut on July 31st with estimated revenue growth and high market cap, generating significant interest in IPO.

IPO Boutique

NIQ Global Intelligence Plc (NIQ): Advent-Backed, Consumer Intelligence Company Sets Terms for IPO

NIQ Global Intelligence plc set to debut on July 23rd with 50.0mm shares offered at $20.00-$24.00, aiming for a market cap of $5.9b-$7.1b.

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

CoreWeave (CRWV): Valuation, Cash Raise Lighter than Expected as Company Pushes Ahead with IPO

CoreWeave sets lower IPO terms with wider price range, offering investors a more attractive risk-reward profile. CoreWeave will debut on Friday (3...

IPO Boutique

Kestra Medical Technologies (KMTS): IPO Pops 35% at Open, Holds Gains Amidst Volatile Backdrop

Kestra Medical Technologies IPO prices above range, gains 35% on debut, second successful medical device company to go public in 2025.

IPO Boutique

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52-week Range

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Figma Inc (FIG): High Profile Software IPO Sets Terms, Expecting Major Attention Next Week

​Figma set to debut on July 31st with estimated revenue growth and high market cap, generating significant interest in IPO.

IPO Boutique

NIQ Global Intelligence Plc (NIQ): Advent-Backed, Consumer Intelligence Company Sets Terms for IPO

​NIQ Global Intelligence plc set to debut on July 23rd with 50.0mm shares offered at $20.00-$24.00, aiming for a market cap of $5.9b-$7.1b.

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

CoreWeave (CRWV): Valuation, Cash Raise Lighter than Expected as Company Pushes Ahead with IPO

​CoreWeave sets lower IPO terms with wider price range, offering investors a more attractive risk-reward profile. CoreWeave will debut on Friday (3...

IPO Boutique

Kestra Medical Technologies (KMTS): IPO Pops 35% at Open, Holds Gains Amidst Volatile Backdrop

​Kestra Medical Technologies IPO prices above range, gains 35% on debut, second successful medical device company to go public in 2025.

IPO Boutique

Figma set to debut on July 31st with estimated revenue growth and high market cap, generating significant interest in IPO.

NIQ Global Intelligence plc set to debut on July 23rd with 50.0mm shares offered at $20.00-$24.00, aiming for a market cap of $5.9b-$7.1b.

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

CoreWeave sets lower IPO terms with wider price range, offering investors a more attractive risk-reward profile. CoreWeave will debut on Friday (3...

Kestra Medical Technologies IPO prices above range, gains 35% on debut, second successful medical device company to go public in 2025.