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

Sailpoint Technologies Holdings / Equity Capital Markets

Sailpoint Technologies Holdings (SAIL US)

<ul>
<li>SailPoint traded below the issue price for the majority of its first trading session and hit a low of $20.77 before rebounding to a $22.00 print at the close </li>
<li>The deal was more than 20-times oversubscribed and upsized its price range while on the road prior to pricing which makes the underperformance even more bizarre. </li>
<li>Given the overhang of the underperforming IPO, we will be downgrading our 30-day forecast.</li>
</ul>


SailPoint traded below the issue price for the majority of its first trading session and hit a low of $20.77 before rebounding to a $22.00 print at the close 
The deal was more than 20-times oversubscribed and upsized its price range while on the road prior to pricing which makes the underperformance even more bizarre. 
Given the overhang of the underperforming IPO, we will be downgrading our 30-day forecast.


SailPoint Inc (SAIL): Upwardly-Revised, Upsized IPO Falls Flat on Day One

<ul>
<li>Drilling equipment and service provider updated the terms for its IPO in late January. </li>
<li>They had total revenue of $577.2 million and $614.8 million and net income of $10.2 million and $44.9 million in the first three quarters of 2023 and 2024, respectively.</li>
<li>The Houston based company would be following three previous energy IPOs: Flowco Holdings (FLOC US) , Venture Global LNG (VG US) and Infinity Natural Resources (INR US)</li>
</ul>


Drilling equipment and service provider updated the terms for its IPO in late January. 
They had total revenue of $577.2 million and $614.8 million and net income of $10.2 million and $44.9 million in the first three quarters of 2023 and 2024, respectively.
The Houston based company would be following three previous energy IPOs: Flowco Holdings (FLOC US) , Venture Global LNG (VG US) and Infinity Natural Resources (INR US)


HMH Holding Inc. (HMHW): Drilling and Service Provider on Deck for IPO in Near Future

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

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

Venture Global LNG / Equity Capital Markets

<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

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)

SailPoint Inc (SAIL): Upwardly-Revised, Upsized IPO Falls Flat on Day One

SailPoint's IPO underperforms despite high demand, leading to a downgrade in forecast. IPO Boutique details the final deal message and other...

IPO Boutique

HMH Holding Inc. (HMHW): Drilling and Service Provider on Deck for IPO in Near Future

Drilling equipment provider updates paperwork with the SEC show. HMH Holding could potentially be the fourth energy IPO of the year.

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

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SailPoint Inc (SAIL): Upwardly-Revised, Upsized IPO Falls Flat on Day One

​SailPoint's IPO underperforms despite high demand, leading to a downgrade in forecast. IPO Boutique details the final deal message and other...

IPO Boutique

HMH Holding Inc. (HMHW): Drilling and Service Provider on Deck for IPO in Near Future

​Drilling equipment provider updates paperwork with the SEC show. HMH Holding could potentially be the fourth energy IPO of the year.

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

SailPoint's IPO underperforms despite high demand, leading to a downgrade in forecast. IPO Boutique details the final deal message and other...

Drilling equipment provider updates paperwork with the SEC show. HMH Holding could potentially be the fourth energy IPO of the year.

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.