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>Commerce network Klarna Group will offer 34.3 million shares at $35-$37 and to debut on Wednesday (9/10).</li>
<li>The direct comp, Affirm, posted a strong quarter but some of Klarna's metrics are on par or potentially stronger than its competitor. </li>
<li>The valuation, both relative to peers and compared with prior “bloated” rounds, looks far more reasonable this time.</li>
</ul>


Commerce network Klarna Group will offer 34.3 million shares at $35-$37 and to debut on Wednesday (9/10).
The direct comp, Affirm, posted a strong quarter but some of Klarna's metrics are on par or potentially stronger than its competitor. 
The valuation, both relative to peers and compared with prior “bloated” rounds, looks far more reasonable this time.


Klarna Group (KLAR): Discounted Down-Round Valuation Draws Interest, Multiple-Times Oversubscribed

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Klarna Group plc, a Swedish fintech giant and largest BNPL player in European Union, is expected to price $1B+ initial public offering next week.</li>
<li>The company’s amended F-1 puts the initial price range per share at $35 to $37, implying a market cap of ~$13.6B at midpoint, down ~70% from peak valuation of ~$46B. </li>
<li>I think risk/reward profile is favorable given large consumer and merchant scale, expansion into digital retail banking services and potential revenue growth re-acceleration into 2026.</li>
</ul>


Klarna Group plc, a Swedish fintech giant and largest BNPL player in European Union, is expected to price $1B+ initial public offering next week.
The company’s amended F-1 puts the initial price range per share at $35 to $37, implying a market cap of ~$13.6B at midpoint, down ~70% from peak valuation of ~$46B. 
I think risk/reward profile is favorable given large consumer and merchant scale, expansion into digital retail banking services and potential revenue growth re-acceleration into 2026.


Klarna IPO Valuation Update: Risk/Reward Profile Looks Good, Sequoia Stands To Be The Largest Winner

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Walmart Inc.'s recent quarterly results show a complex blend of strengths and challenges, presenting a nuanced investment thesis.</li><li>The retail giant achieved a 5.6% increase in sales on a constant currency basis, driven by strong performance in e-commerce, which grew by 25% globally.</li><li>This increase exceeded expectations, particularly in Walmart U.S. and Sam's Club U.S., where e-commerce growth reached 26%.</li></ul>

Walmart Inc.'s recent quarterly results show a complex blend of strengths and challenges, presenting a nuanced investment thesis.The retail giant achieved a 5.6% increase in sales on a constant currency basis, driven by strong performance in e-commerce, which grew by 25% globally.This increase exceeded expectations, particularly in Walmart U.S. and Sam's Club U.S., where e-commerce growth reached 26%.

Walmart: High Inventory Levels & Tariffs Are Dampening This Retail Behemoth’s Attractiveness!

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>Couche-Tard has withdrawn its offer for <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> by unfairly laying the entire blame on the Board.</li>
<li>The Board has made credible progress, but the jury is still out on whether the Board’s plan will generate returns. Shareholders remain sceptical as the shares have underperformed the index.</li>
<li>In theory, the sell-off presents a buying opportunity (My SoTP valuation is JPY 2,376). However, the shares are likely to tread water as there are no near-term catalysts. </li>
</ul>


Couche-Tard has withdrawn its offer for Seven &amp; I Holdings (3382 JP) by unfairly laying the entire blame on the Board.
The Board has made credible progress, but the jury is still out on whether the Board’s plan will generate returns. Shareholders remain sceptical as the shares have underperformed the index.
In theory, the sell-off presents a buying opportunity (My SoTP valuation is JPY 2,376). However, the shares are likely to tread water as there are no near-term catalysts. 


Seven & I Holdings (3382 JP): Dead Money as Couche-Tard Unsurprisingly Walks

Geekplus Technology / Equity Capital Markets

<ul>
<li>Geek+, AI &amp; robotics warehouse automation provider, has updated its filings and reported weak revenue growth in 2024.</li>
<li>Beijing based AMR solution unicorn’s revenue grew to RMB2,409m in 2024, up ~12% YoY. However, gross margins improved, operating losses narrowed, and cash burn rate decreased.</li>
<li>My IPO valuation analysis coalesces around initial valuation range between $2.3B and $2.7B for Geek+ upcoming offering.</li>
</ul>


Geek+, AI &amp; robotics warehouse automation provider, has updated its filings and reported weak revenue growth in 2024.
Beijing based AMR solution unicorn’s revenue grew to RMB2,409m in 2024, up ~12% YoY. However, gross margins improved, operating losses narrowed, and cash burn rate decreased.
My IPO valuation analysis coalesces around initial valuation range between $2.3B and $2.7B for Geek+ upcoming offering.


Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure

United States

Walmart Inc. operates discount stores, supercenters, and neighborhood markets. The Company offers merchandise such as apparel, house wares, small appliances, electronics, musical instruments, books, home improvement, shoes, jewelry, toddler, games, household essentials, pets, pharmaceutical products, party supplies, and automotive tools. Walmart serves customers worldwide.

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Walmart (WMT US)

Klarna Group (KLAR): Discounted Down-Round Valuation Draws Interest, Multiple-Times Oversubscribed

Backed by major venture capital investors a steep discount at IPO may attract both new buyers and existing holders for Klarna Group's IPO.

IPO Boutique

Klarna IPO Valuation Update: Risk/Reward Profile Looks Good, Sequoia Stands To Be The Largest Winner

Klarna Group plc is expected to go public next week. In my insight, I discuss IPO valuation, valuation comps and set a 12-month target price for...

Andrei Zakharov

Walmart: High Inventory Levels & Tariffs Are Dampening This Retail Behemoth’s Attractiveness!

Walmart Inc.'s recent quarterly results show a complex blend of strengths and challenges, presenting a nuanced investment thesis. The retail giant...

Baptista Research

Seven & I Holdings (3382 JP): Dead Money as Couche-Tard Unsurprisingly Walks

In theory, the sell-off presents a buying opportunity (My SoTP valuation is JPY 2,376). However, the shares are likely to tread water as there are...

Arun George

Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure

Geek+ plans to go public in Hong Kong soon. In my insight, I discuss IPO valuation, update my financial model and dive deeper into the comps groups

Andrei Zakharov

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