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

Forgent Power Solutions / Equity Capital Markets

<ul>
<li>Forgent Power Solutions (FPS US) targets a $7.6–$8.8B valuation in a February IPO, capitalizing on surging data center and AI-driven infrastructure investment. The</li>
<li>Company delivers highly customized, engineered-to-order electrical distribution equipment, supporting complete powertrains and reducing labor constraints for mission-critical data centers and industrial facilities.</li>
<li>Strong growth and operational scale: FY2025 revenue rose 56% to $753M with $1B+ backlog; 10 campuses support $5B potential revenue, and early investor demand is robust and oversubscribed.</li>
</ul>


Forgent Power Solutions (FPS US) targets a $7.6–$8.8B valuation in a February IPO, capitalizing on surging data center and AI-driven infrastructure investment. The
Company delivers highly customized, engineered-to-order electrical distribution equipment, supporting complete powertrains and reducing labor constraints for mission-critical data centers and industrial facilities.
Strong growth and operational scale: FY2025 revenue rose 56% to $753M with $1B+ backlog; 10 campuses support $5B potential revenue, and early investor demand is robust and oversubscribed.


Forgent Power Solutions, Inc. (FPS): Custom Electrical Leader Charges into Public Markets

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Spider Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.</li>
<li>In this insight, we have presented our expectations for capping flows and SP 500-driven sector tracking fund rebalance flows for the upcoming quarterly review in March 2026.</li>
<li>We expect one-way flow of ~US$7bn in March 2026 for the Select Sector indices in total.</li>
</ul>


The Spider Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.
In this insight, we have presented our expectations for capping flows and SP 500-driven sector tracking fund rebalance flows for the upcoming quarterly review in March 2026.
We expect one-way flow of ~US$7bn in March 2026 for the Select Sector indices in total.


Quiddity Leaderboard SP Select Sector Mar26 Rebal: One-Way US$7bn Flow Expected

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>Eaton captures AI-driven energy demand at the point of consumption, benefiting directly from rising data-centre power intensity, strong order momentum, and diversified electrification exposure.</li>
<li>Quanta Services monetises the grid expansion required to deliver AI-related power demand, with a record multi-year backlog, and predictable cash flows providing structural downside protection and earnings visibility.</li>
<li>Together, Eaton and Quanta cover the full AI-energy stack, from grid delivery to data-centre power use, combining upside exposure with resilience and reduced concentration risk in 2026.</li>
</ul>


Eaton captures AI-driven energy demand at the point of consumption, benefiting directly from rising data-centre power intensity, strong order momentum, and diversified electrification exposure.
Quanta Services monetises the grid expansion required to deliver AI-related power demand, with a record multi-year backlog, and predictable cash flows providing structural downside protection and earnings visibility.
Together, Eaton and Quanta cover the full AI-energy stack, from grid delivery to data-centre power use, combining upside exposure with resilience and reduced concentration risk in 2026.


2026 High Conviction Idea - Capturing AI’s Energy Backbone: Eaton for Upside, Quanta for Defence

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/marvell-technology-inc" target="_blank" data-smartkarma-citation="entities:15837:1" rel="noopener">Marvell Technology (MRVL US)</a> became eligible at the last minute for S&amp;P500 inclusion in the December 2025 review, following positive Q3 earnings.</li>
<li>
<a href="https://www.smartkarma.com/entities/marvell-technology-inc" target="_blank" data-smartkarma-citation="entities:15837:1" rel="noopener">Marvell Technology (MRVL US)</a> experienced a significant turnaround in profitability in the last year, but its latest earnings are driven by non-operational activity.</li>
<li>The company's market cap and other eligibility metrics are estimated to place it among the top addition candidates for S&amp;P500 with a higher chance of inclusion in 2026.</li>
</ul>



Marvell Technology (MRVL US) became eligible at the last minute for S&amp;P500 inclusion in the December 2025 review, following positive Q3 earnings.

Marvell Technology (MRVL US) experienced a significant turnaround in profitability in the last year, but its latest earnings are driven by non-operational activity.
The company's market cap and other eligibility metrics are estimated to place it among the top addition candidates for S&amp;P500 with a higher chance of inclusion in 2026.


Marvell Technology (MRVL US): Heroic Earnings Unlock S&P500 Eligibility

<ul><li>The SP 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li><li>In this insight, we take a look at the upcoming constituent changes in the run up to the December 2025 index rebal event.</li><li>The index changes for the December 2025 rebal will be based on the open of 3rd December 2025 and announced after the close of 5th December 2025.</li></ul>

The SP 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.In this insight, we take a look at the upcoming constituent changes in the run up to the December 2025 index rebal event.The index changes for the December 2025 rebal will be based on the open of 3rd December 2025 and announced after the close of 5th December 2025.

Quiddity Leaderboard SP500/600 Dec25 Rebal: Last Minute Surprise in The Leading Names

United States

Vertiv Holdings Co operates as a holding company. The Company, through its subsidiaries, provides electrical power equipment, thermal management, racks and enclosures, monitoring and management, tools, and other services. Vertiv Holdings serves data centers, communication networks, commercial, and industrial environments worldwide.

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Vertiv Holdings Co (VRT US)

Forgent Power Solutions, Inc. (FPS): Custom Electrical Leader Charges into Public Markets

Forgent Power Solutions aims for $7.6–$8.8B valuation in IPO, offering customized electrical distribution equipment for data centers and...

IPO Boutique

Quiddity Leaderboard SP Select Sector Mar26 Rebal: One-Way US$7bn Flow Expected

This insight shows the breakdown of flows expected for the S&P Select Sector indices at the March rebalance. We see US$7bn a side on top of the...

Anjana Amarasuriya

2026 High Conviction Idea - Capturing AI’s Energy Backbone: Eaton for Upside, Quanta for Defence

Eaton and Quanta Services capitalize on AI-driven energy demand, covering grid expansion and data-center power use for diversified exposure and...

Mint Finance

Marvell Technology (MRVL US): Heroic Earnings Unlock S&P500 Eligibility

MRVL is labelled bullish for index rebalance but bearish in fundamentals following the fourth consecutive positive earnings and high price-to...

Dimitris Ioannidis

Quiddity Leaderboard SP500/600 Dec25 Rebal: Last Minute Surprise in The Leading Names

SP500 rankings will be decided at today's open and announced on 5 December after the close. We see $100bn to trade across the SP500 complex. Kalshi...

Anjana Amarasuriya

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52-week Range

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Forgent Power Solutions, Inc. (FPS): Custom Electrical Leader Charges into Public Markets

​Forgent Power Solutions aims for $7.6–$8.8B valuation in IPO, offering customized electrical distribution equipment for data centers and...

IPO Boutique

Quiddity Leaderboard SP Select Sector Mar26 Rebal: One-Way US$7bn Flow Expected

This insight shows the breakdown of flows expected for the S&P Select Sector indices at the March rebalance. We see US$7bn a side on top of the...

Anjana Amarasuriya

2026 High Conviction Idea - Capturing AI’s Energy Backbone: Eaton for Upside, Quanta for Defence

​Eaton and Quanta Services capitalize on AI-driven energy demand, covering grid expansion and data-center power use for diversified exposure and...

Mint Finance

Marvell Technology (MRVL US): Heroic Earnings Unlock S&P500 Eligibility

MRVL is labelled bullish for index rebalance but bearish in fundamentals following the fourth consecutive positive earnings and high price-to...

Dimitris Ioannidis

Quiddity Leaderboard SP500/600 Dec25 Rebal: Last Minute Surprise in The Leading Names

SP500 rankings will be decided at today's open and announced on 5 December after the close. We see $100bn to trade across the SP500 complex. Kalshi...

Anjana Amarasuriya

Forgent Power Solutions aims for $7.6–$8.8B valuation in IPO, offering customized electrical distribution equipment for data centers and...

Eaton and Quanta Services capitalize on AI-driven energy demand, covering grid expansion and data-center power use for diversified exposure and...