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.

Index Rebalance

Alliance Laundry Holdings / Index Rebalance

<ul>
<li>All eligible US IPOs that went public from 1 August to 31 October will get added to a major US index in December 2025.</li>
<li>The largest forecasted IPO additions in terms of market cap are <a href="https://www.smartkarma.com/entities/bullish-us-llc" target="_blank" data-smartkarma-citation="entities:45521:1" rel="noopener">Bullish US (BLSH US)</a>, <a href="https://www.smartkarma.com/entities/ft-intermediate-inc" target="_blank" data-smartkarma-citation="entities:45672:1" rel="noopener">FT Intermediate (FIGR US)</a> and <a href="https://www.smartkarma.com/entities/fermi-llc" target="_blank" data-smartkarma-citation="entities:45788:1" rel="noopener">Fermi (FRMI US)</a>.</li>
<li>The largest forecasted IPO additions in terms of passive fund impact include <a href="https://www.smartkarma.com/entities/legence-corp" target="_blank" data-smartkarma-citation="entities:45669:1" rel="noopener">Legence (LGN US)</a>, <a href="https://www.smartkarma.com/entities/via-transportation-inc" target="_blank" data-smartkarma-citation="entities:45670:1" rel="noopener">Via Transportation (VIA US)</a> and <a href="https://www.smartkarma.com/entities/avidia-bancorp-inc" target="_blank" data-smartkarma-citation="entities:46007:1" rel="noopener">Avidia Bancorp (AVBC US)</a>.</li>
</ul>


All eligible US IPOs that went public from 1 August to 31 October will get added to a major US index in December 2025.
The largest forecasted IPO additions in terms of market cap are Bullish US (BLSH US), FT Intermediate (FIGR US) and Fermi (FRMI US).
The largest forecasted IPO additions in terms of passive fund impact include Legence (LGN US), Via Transportation (VIA US) and Avidia Bancorp (AVBC US).


US: 19 IPOs Forecasted for Index Addition in December 2025

<ul>
<li>
<a href="https://www.smartkarma.com/entities/via-transportation-inc" target="_blank" data-smartkarma-citation="entities:45670:1" rel="noopener">Via Transportation (VIA US)</a> went public on 12 September 2025 on the NYSE and has a current market cap of more than $4bn.</li>
<li>Inclusion in US indices is expected in December 2025, as the security meets eligibility criteria ahead of the lock-up expiry.</li>
<li>Inclusion in Global indices is expected in 2026 with a potential delay due to free float and float cap constraints.</li>
</ul>



Via Transportation (VIA US) went public on 12 September 2025 on the NYSE and has a current market cap of more than $4bn.
Inclusion in US indices is expected in December 2025, as the security meets eligibility criteria ahead of the lock-up expiry.
Inclusion in Global indices is expected in 2026 with a potential delay due to free float and float cap constraints.


Via Transportation (VIA US): US Index Inclusion in 2025; Going Global in 2026

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

Via Transportation / Equity Capital Markets

<ul>
<li>Via Transportation priced its public offering at $46.00 per share, above the marketed range of $40–$44, but opened at $44.00, down 4.5% from issue.</li>
<li>Investors quickly stepped in, and within 30 minutes, the stock climbed above the IPO price. The stock closed at $49.51 or 7.6% above issue.</li>
<li>Looking forward, we see Via as a potential long-term play, given the sticky nature of its contracts and the enormous opportunity to modernize public transportation infrastructure.</li>
</ul>


Via Transportation priced its public offering at $46.00 per share, above the marketed range of $40–$44, but opened at $44.00, down 4.5% from issue.
Investors quickly stepped in, and within 30 minutes, the stock climbed above the IPO price. The stock closed at $49.51 or 7.6% above issue.
Looking forward, we see Via as a potential long-term play, given the sticky nature of its contracts and the enormous opportunity to modernize public transportation infrastructure.


Via Transportation (VIA): Above-Range Ticket, Below-Range Start — Via IPO Finds Its Route

<ul>
<li>According to our sources, the deal is multiple-times oversubscribed, with strong participation from long-only investors and continued one-on-one conversions.</li>
<li>They currently have 689 customers but believe they have a serviceable customer total of more than 63,000.</li>
<li>The platform is scalable and the "land-and-expand" strategy has been effective with a CAGR of 50% in the last four years.</li>
</ul>


According to our sources, the deal is multiple-times oversubscribed, with strong participation from long-only investors and continued one-on-one conversions.
They currently have 689 customers but believe they have a serviceable customer total of more than 63,000.
The platform is scalable and the "land-and-expand" strategy has been effective with a CAGR of 50% in the last four years.


Via Transportation (VIA): Customer Stickiness Adds Appeal to Upcoming IPO

<ul>
<li>Via Transportation will offer 10.7 million shares at $40-$44 and is scheduled to debut on Friday, September 12th.</li>
<li>Wellington Management has indicated an interest in purchasing up to $100 million in shares of Class A common stock in this offering.</li>
<li>With a large addressable market and solid revenue numbers, the company is positioned nicely for growth in the future. </li>
</ul>


Via Transportation will offer 10.7 million shares at $40-$44 and is scheduled to debut on Friday, September 12th.
Wellington Management has indicated an interest in purchasing up to $100 million in shares of Class A common stock in this offering.
With a large addressable market and solid revenue numbers, the company is positioned nicely for growth in the future. 


Via Transportation Inc. (CI): Transportation Solutions Provider Sets Terms Seeking $3.5b Valuation

United States

Via Transportation, Inc. provides transittech solutions. The Company offers a cloud-based vertical platform with a range of tools to manage the operations of fixed-route forms of mobility, including microtransit, paratransit, non-emergency medical, and school transport. Via Transportation serves customers globally.

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Via Transportation (VIA US)

US: 19 IPOs Forecasted for Index Addition in December 2025

Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

Dimitris Ioannidis