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

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

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

IPOs and Secondary Offerings

Equity Capital Markets

The Pershing Square USA / Equity Capital Markets

<ul>
<li>Bill Ackman’s PSUS raised $5B but underperformed, opening at $42.00—down 16%—despite incentives including free management company shares.</li>
<li>“Free share” structure failed to offset losses; combined positions still produced meaningful first-day declines for investors exiting or holding through close.</li>
<li>Near-Term outlook remains uncertain, but long-term investors may see value given permanent capital base and proceeds exceeding current market valuation.</li>
</ul>


Bill Ackman’s PSUS raised $5B but underperformed, opening at $42.00—down 16%—despite incentives including free management company shares.
“Free share” structure failed to offset losses; combined positions still produced meaningful first-day declines for investors exiting or holding through close.
Near-Term outlook remains uncertain, but long-term investors may see value given permanent capital base and proceeds exceeding current market valuation.


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