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

Firefly Aerospace / Equity Capital Markets

<ul>
<li>The company will be offering 16.2mm shares at $35-$39 with an expected market cap between $4.9b and $5.5b and to debut on August 7th.</li>
<li>According to our sources, the deal is being classified as multiple-times oversubscribed.</li>
<li>FireFly is in growth mode and the ability to scale with improving margins and a significant and visible backlog makes this deal extremely attractive. </li>
</ul>


The company will be offering 16.2mm shares at $35-$39 with an expected market cap between $4.9b and $5.5b and to debut on August 7th.
According to our sources, the deal is being classified as multiple-times oversubscribed.
FireFly is in growth mode and the ability to scale with improving margins and a significant and visible backlog makes this deal extremely attractive. 


Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO

<ul>
<li>Figma priced a full-size offering of 36.9 million shares at $33.00 and opened at $85.00 for a gain of 157.6% at first trade.</li>
<li>Exemplifying the strength of the IPO, the underwriters stated that the roadshow had a 100-percent hit rate or conversion rate. Half of the order book was allocated zero shares.</li>
<li>The Figma story is one that is highly unique and one that we believe “could” ignite the IPO market.</li>
</ul>


Figma priced a full-size offering of 36.9 million shares at $33.00 and opened at $85.00 for a gain of 157.6% at first trade.
Exemplifying the strength of the IPO, the underwriters stated that the roadshow had a 100-percent hit rate or conversion rate. Half of the order book was allocated zero shares.
The Figma story is one that is highly unique and one that we believe “could” ignite the IPO market.


Figma Inc (FIG): Figma Fireworks Do Not Disappoint, Stock Closes 250% Above Issue

<ul>
<li>Ambiq Micro priced 4.0 million shares at $24.00.  The  share count was upsized 17.6% and the pricing was at the upper-half of the range. </li>
<li>The performance of Ambiq Micro is one that squarely places them among the best for the year in terms of opening performance. </li>
<li>A conservative valuation and a small deal size assisted in this IPO being wildly successful.</li>
</ul>


Ambiq Micro priced 4.0 million shares at $24.00.  The  share count was upsized 17.6% and the pricing was at the upper-half of the range. 
The performance of Ambiq Micro is one that squarely places them among the best for the year in terms of opening performance. 
A conservative valuation and a small deal size assisted in this IPO being wildly successful.


Ambiq Micro, Inc. (AMBQ): Semi-Conductor Surges, Upsized IPO Jumps 58% at Open

<ul>
<li>They will be offering 16.2mm shares at $35-$39  with an expected market cap between $4.9b and $5.5b and to debut on August 7th.</li>
<li>The company's principal stockholder is private-equity firm AE Industrial which made its initial investment in Firefly Aerospace in 2022 and is a 47.4% stakeholder.</li>
<li>Revenue in Q2 is up more around 140% versus the same period in 2024 but the company's net losses continue to mount.</li>
</ul>


They will be offering 16.2mm shares at $35-$39  with an expected market cap between $4.9b and $5.5b and to debut on August 7th.
The company's principal stockholder is private-equity firm AE Industrial which made its initial investment in Firefly Aerospace in 2022 and is a 47.4% stakeholder.
Revenue in Q2 is up more around 140% versus the same period in 2024 but the company's net losses continue to mount.


Firefly Aerospace Inc. (FLY): Space & Defense Company Sets Terms for IPO Seeking $5.5b Valuation

<ul>
<li>Their operational launch vehicle, Alpha, is the first and only U.S.-based orbital rocket in the 1,000 kilograms class to successfully reach orbit, with four launches completed successfully.</li>
<li>They had revenue of $55.23 million and $60.79 million and net loss of $135.46 million and $231.13 million in 2023 and 2024, respectively.</li>
<li>The company is targeting a potential IPO in the second half of July or early August with peers and the sector outperforming in the short term. </li>
</ul>


Their operational launch vehicle, Alpha, is the first and only U.S.-based orbital rocket in the 1,000 kilograms class to successfully reach orbit, with four launches completed successfully.
They had revenue of $55.23 million and $60.79 million and net loss of $135.46 million and $231.13 million in 2023 and 2024, respectively.
The company is targeting a potential IPO in the second half of July or early August with peers and the sector outperforming in the short term. 


Firefly Aerospace Inc. (FLY): Peeking at the IPO Prospectus of the Next Space & Defense Tech Company

United States

Voyager Technologies, Inc. provides defense technology and space solutions. The Company offers an array of transformative, mission-critical solutions that include defense systems, communications and intelligence collection systems, space technology, infrastructure, and mission services. Voyager Technologies operates in the United States.

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Voyager Technologies (VOYG US)

Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO

FireFly set to debut on August 7th with 16.2mm shares offered at $35-$39, deal classified as oversubscribed, company in growth mode with promising...

IPO Boutique

Figma Inc (FIG): Figma Fireworks Do Not Disappoint, Stock Closes 250% Above Issue

Figma's IPO soars with a 157.6% gain at first trade, showcasing strong investor interest and potential to ignite the IPO market.

IPO Boutique

Ambiq Micro, Inc. (AMBQ): Semi-Conductor Surges, Upsized IPO Jumps 58% at Open

Ambiq Micro's successful IPO saw 4.0 million shares priced at $24.00, upsized by 17.6% and at the upper end of the range, leading to strong...

IPO Boutique

Firefly Aerospace Inc. (FLY): Space & Defense Company Sets Terms for IPO Seeking $5.5b Valuation

Firefly Aerospace to offer 16.2mm shares at $35-$39, with expected market cap of $4.9b-$5.5b. Debuting on August 7th, backed by private-equity...

IPO Boutique

Firefly Aerospace Inc. (FLY): Peeking at the IPO Prospectus of the Next Space & Defense Tech Company

US-based rocket company successfully launches Alpha rocket into orbit, plans potential IPO in July/August despite financial losses in 2023 and 2024.

IPO Boutique

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Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO

​FireFly set to debut on August 7th with 16.2mm shares offered at $35-$39, deal classified as oversubscribed, company in growth mode with promising...

IPO Boutique

Figma Inc (FIG): Figma Fireworks Do Not Disappoint, Stock Closes 250% Above Issue

​Figma's IPO soars with a 157.6% gain at first trade, showcasing strong investor interest and potential to ignite the IPO market.

IPO Boutique

Ambiq Micro, Inc. (AMBQ): Semi-Conductor Surges, Upsized IPO Jumps 58% at Open

​Ambiq Micro's successful IPO saw 4.0 million shares priced at $24.00, upsized by 17.6% and at the upper end of the range, leading to strong...

IPO Boutique

Firefly Aerospace Inc. (FLY): Space & Defense Company Sets Terms for IPO Seeking $5.5b Valuation

​Firefly Aerospace to offer 16.2mm shares at $35-$39, with expected market cap of $4.9b-$5.5b. Debuting on August 7th, backed by private-equity...

IPO Boutique

Firefly Aerospace Inc. (FLY): Peeking at the IPO Prospectus of the Next Space & Defense Tech Company

​US-based rocket company successfully launches Alpha rocket into orbit, plans potential IPO in July/August despite financial losses in 2023 and 2024.

IPO Boutique

FireFly set to debut on August 7th with 16.2mm shares offered at $35-$39, deal classified as oversubscribed, company in growth mode with promising...

Figma's IPO soars with a 157.6% gain at first trade, showcasing strong investor interest and potential to ignite the IPO market.

Ambiq Micro's successful IPO saw 4.0 million shares priced at $24.00, upsized by 17.6% and at the upper end of the range, leading to strong...

Firefly Aerospace to offer 16.2mm shares at $35-$39, with expected market cap of $4.9b-$5.5b. Debuting on August 7th, backed by private-equity...

US-based rocket company successfully launches Alpha rocket into orbit, plans potential IPO in July/August despite financial losses in 2023 and 2024.