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>Yesway Inc. opened at +10% and closed +6.15%, delivering a solid debut after pricing at the low end of the range.</li>
<li>IPO demand exceeded 10x supply, driven by long-only investors, with top accounts receiving the majority of allocations.</li>
<li>Strong execution and pricing discipline supported a successful launch, though intraday fade reflects some investor caution.</li>
</ul>


Yesway Inc. opened at +10% and closed +6.15%, delivering a solid debut after pricing at the low end of the range.
IPO demand exceeded 10x supply, driven by long-only investors, with top accounts receiving the majority of allocations.
Strong execution and pricing discipline supported a successful launch, though intraday fade reflects some investor caution.


Yesway Inc. (YSWY): Disciplined Pricing Pays Off in Convenience Store Chain Debut

<ul>
<li>Yesway Inc. IPO multiple-times oversubscribed, signaling strong institutional demand ahead of anticipated Wednesday debut and continued reopening of sponsor-backed issuance.</li>
<li>Inside merchandise growth and fuel margin expansion drive earnings, with Adjusted EBITDA expected to grow ~87%–117% year-over-year in Q1 2026.</li>
<li>Valuation at ~10x EBITDA reflects a discount to peers like Casey's General Stores and Murphy USA.</li>
</ul>


Yesway Inc. IPO multiple-times oversubscribed, signaling strong institutional demand ahead of anticipated Wednesday debut and continued reopening of sponsor-backed issuance.
Inside merchandise growth and fuel margin expansion drive earnings, with Adjusted EBITDA expected to grow ~87%–117% year-over-year in Q1 2026.
Valuation at ~10x EBITDA reflects a discount to peers like Casey's General Stores and Murphy USA.


Yesway Inc. (YSWY): Convenience Retail Reopens, Yesway Tests IPO Appetite

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Equity Bottom-Up

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<li>
Yesway, Inc. has set terms for its upcoming initial public offering, planning to offer 13.95 million shares at a price range of $20.00 to $23.00, implying a midpoint deal size of approximately $300 million and an estimated equity market capitalization of roughly $620 million at the midpoint, based on 28.9 million Class A shares outstanding post-offering.
</li>
<li>
The company has applied to list on the Nasdaq under the ticker “YSWY.”
</li>
<li>
The offering is being led by Morgan Stanley, J.P. Morgan, and Goldman Sachs, alongside Barclays, BMO Capital Markets, KeyBanc, Guggenheim Securities, and Raymond James.

</li>
</ul>



Yesway, Inc. has set terms for its upcoming initial public offering, planning to offer 13.95 million shares at a price range of $20.00 to $23.00, implying a midpoint deal size of approximately $300 million and an estimated equity market capitalization of roughly $620 million at the midpoint, based on 28.9 million Class A shares outstanding post-offering.


The company has applied to list on the Nasdaq under the ticker “YSWY.”


The offering is being led by Morgan Stanley, J.P. Morgan, and Goldman Sachs, alongside Barclays, BMO Capital Markets, KeyBanc, Guggenheim Securities, and Raymond James.




Yesway Sets Terms for $300 Million IPO as Rural Convenience Roll-Up Targets Public Markets

<ul>
<li>Sponsor-Backed IPO momentum returns as Yesway Inc. targets $1.2B–$1.4B valuation, offering 13.95M shares at $20–$23 ahead of April 22 debut.</li>
<li>Proceeds (~$265M–$308M) primarily fund preferred equity redemption, with remaining capital supporting debt reduction, growth initiatives, and potential acquisitions under flexible allocation strategy.</li>
<li>Strong Q1 momentum driven by fuel margins and inside sales; peer Casey's General Stores near highs suggests favorable sector backdrop despite limited recent IPO activity.</li>
</ul>


Sponsor-Backed IPO momentum returns as Yesway Inc. targets $1.2B–$1.4B valuation, offering 13.95M shares at $20–$23 ahead of April 22 debut.
Proceeds (~$265M–$308M) primarily fund preferred equity redemption, with remaining capital supporting debt reduction, growth initiatives, and potential acquisitions under flexible allocation strategy.
Strong Q1 momentum driven by fuel margins and inside sales; peer Casey's General Stores near highs suggests favorable sector backdrop despite limited recent IPO activity.


Yesway Inc. (YSWY): Brookwood-Backed Convenience Store Operator Seeks up to $1.4b Valuation

<ul>
<li>Yesway Inc. (YSWY US), founded in 2015 and backed by Brookwood Financial Partners, plans a Nasdaq IPO following its March 2026 filing.</li>
<li>Rapidly scaled to 400+ stores via acquisitions and development, leveraging strong foodservice, rural market positioning, and consistent same-store sales growth.</li>
<li>Generates ~$2.7B revenue with improving profitability; growth driven by new stores, M&amp;A, and high-margin fuel/merchandise mix in resilient convenience retail market.</li>
</ul>


Yesway Inc. (YSWY US), founded in 2015 and backed by Brookwood Financial Partners, plans a Nasdaq IPO following its March 2026 filing.
Rapidly scaled to 400+ stores via acquisitions and development, leveraging strong foodservice, rural market positioning, and consistent same-store sales growth.
Generates ~$2.7B revenue with improving profitability; growth driven by new stores, M&amp;A, and high-margin fuel/merchandise mix in resilient convenience retail market.


Yesway Inc. (YSWY): Peeking at the IPO Prosepctus of a US Based Convenience Store Operator

United States

Yesway, Inc. operates a chain of convenience stores. The Company offers packaged foods, drinks, groceries, and snacks. Yesway serves customers in the United States.

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Yesway (YSWY US)

Yesway Inc. (YSWY): Disciplined Pricing Pays Off in Convenience Store Chain Debut

Yesway Inc. had a strong IPO debut, opening at +10% and closing +6.15% higher, despite pricing at the low end of the range.

IPO Boutique

Yesway Inc. (YSWY): Convenience Retail Reopens, Yesway Tests IPO Appetite

Yesway Inc. IPO oversubscribed with strong institutional demand, expected to see significant earnings growth and valuation discount compared to...

IPO Boutique

Yesway Sets Terms for $300 Million IPO as Rural Convenience Roll-Up Targets Public Markets

The offering is being led by Morgan Stanley, J.P. Morgan, and Goldman Sachs, alongside Barclays, BMO Capital Markets, KeyBanc, Guggenheim...

IPO Prophet

Yesway Inc. (YSWY): Brookwood-Backed Convenience Store Operator Seeks up to $1.4b Valuation

Yesway Inc. targets $1.2B–$1.4B valuation in upcoming IPO, with proceeds funding equity redemption, debt reduction, growth, and acquisitions amid...

IPO Boutique

Yesway Inc. (YSWY): Peeking at the IPO Prosepctus of a US Based Convenience Store Operator

Yesway Inc., backed by Brookwood Financial Partners, plans Nasdaq IPO after rapid growth to 400+ stores with strong foodservice and consistent...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Yesway Inc. (YSWY): Disciplined Pricing Pays Off in Convenience Store Chain Debut

​Yesway Inc. had a strong IPO debut, opening at +10% and closing +6.15% higher, despite pricing at the low end of the range.

IPO Boutique

Yesway Inc. (YSWY): Convenience Retail Reopens, Yesway Tests IPO Appetite

​Yesway Inc. IPO oversubscribed with strong institutional demand, expected to see significant earnings growth and valuation discount compared to...

IPO Boutique

Yesway Sets Terms for $300 Million IPO as Rural Convenience Roll-Up Targets Public Markets

The offering is being led by Morgan Stanley, J.P. Morgan, and Goldman Sachs, alongside Barclays, BMO Capital Markets, KeyBanc, Guggenheim...

IPO Prophet

Yesway Inc. (YSWY): Brookwood-Backed Convenience Store Operator Seeks up to $1.4b Valuation

​Yesway Inc. targets $1.2B–$1.4B valuation in upcoming IPO, with proceeds funding equity redemption, debt reduction, growth, and acquisitions amid...

IPO Boutique

Yesway Inc. (YSWY): Peeking at the IPO Prosepctus of a US Based Convenience Store Operator

​Yesway Inc., backed by Brookwood Financial Partners, plans Nasdaq IPO after rapid growth to 400+ stores with strong foodservice and consistent...

IPO Boutique

Yesway Inc. had a strong IPO debut, opening at +10% and closing +6.15% higher, despite pricing at the low end of the range.

Yesway Inc. IPO oversubscribed with strong institutional demand, expected to see significant earnings growth and valuation discount compared to...

Yesway Inc. targets $1.2B–$1.4B valuation in upcoming IPO, with proceeds funding equity redemption, debt reduction, growth, and acquisitions amid...

Yesway Inc., backed by Brookwood Financial Partners, plans Nasdaq IPO after rapid growth to 400+ stores with strong foodservice and consistent...