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

Pershing Square USA (PSUS): Incentive Fails to Lift Ackman's Fund Debut on Day One

Bill Ackman on All-In: The Next Berkshire? Executive Summary & Full Transcript

Pershing Square USA (PSUS): Peeking at the Prospectus of Bill Ackman's Closed End Investment Company

IPOs and Secondary Offerings

Equity Capital Markets

The Pershing Square USA / Equity Capital Markets

<ul>
<li>PSUS must raise at least $5 billion or risk another withdrawal, making execution risk a key overhang on deal completion.</li>
<li>Investors receive a free allocation of Pershing Square Management shares, but valuation linkage between PSUS and PS creates short-term pricing complexity.</li>
<li>Despite strong branding and Ackman alignment, we see added structure, dual-security dynamics, and syndicate support efforts as creating near-term uncertainty and volatility.</li>
</ul>


PSUS must raise at least $5 billion or risk another withdrawal, making execution risk a key overhang on deal completion.
Investors receive a free allocation of Pershing Square Management shares, but valuation linkage between PSUS and PS creates short-term pricing complexity.
Despite strong branding and Ackman alignment, we see added structure, dual-security dynamics, and syndicate support efforts as creating near-term uncertainty and volatility.


Pershing Square USA (PSUS): Ackman Offering 'Carrot' to Sweeten Closed End Fund IPO