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

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Navan Inc. (NAVN): Peeking at the IPO Prospectus of an AI-Powered Booking System

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IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>Their gross margin improved from 60% in fiscal 2024 to 68% in fiscal 2025.</li>
<li>According to our sources, the deal is multiple-times oversubscribed with strong conversions from long-only accounts and 1-on-1 meetings.</li>
<li>With profitability on the horizon and a strong operational profile, investor reception, we believe, is likely to be well-received.</li>
</ul>


Their gross margin improved from 60% in fiscal 2024 to 68% in fiscal 2025.
According to our sources, the deal is multiple-times oversubscribed with strong conversions from long-only accounts and 1-on-1 meetings.
With profitability on the horizon and a strong operational profile, investor reception, we believe, is likely to be well-received.


Navan Inc. (NAVN):Demand Strong for Upcoming AI-Powered Booking System IPO