US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

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.

US IPOs and Secondary Offerings

Aardvark Therapeutics (AARD): Obesity Related Biotech Seeking $85m After Setting Terms for IPO

Aardvark Therapeutics (AARD): Caution Needed Ahead of Small-Cap Obesity Biotech IPO

Aardvark Therapeutics (AARD): Obesity Biotech Busts; IPO Trades Deeply in the Red

IPOs and Secondary Offerings

Equity Capital Markets

Aardvark Therapeutics / Equity Capital Markets

<ul>
<li>The company priced 5.88 million shares at $16.00—the low end of its $16.00–$18.00 range—and opened immediately underwater at $15.18, a 5.1% decline.</li>
<li>In our pre-pricing notes, we flagged the lack of sector-dedicated crossover funds in earlier rounds and a muted “buzz factor” ahead of launch.</li>
<li>Aardvark closed out the 2025 biotech IPO calendar—and in many ways, its performance “froze” the market.</li>
</ul>


The company priced 5.88 million shares at $16.00—the low end of its $16.00–$18.00 range—and opened immediately underwater at $15.18, a 5.1% decline.
In our pre-pricing notes, we flagged the lack of sector-dedicated crossover funds in earlier rounds and a muted “buzz factor” ahead of launch.
Aardvark closed out the 2025 biotech IPO calendar—and in many ways, its performance “froze” the market.


Aardvark Therapeutics (AARD) Six Month Summary: A Cold Debut That Froze the Biotech Market