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

PicS N.V. (PICS): Brazilian Digital Wallet Sets Terms Seeking $2.5b Valuation

PicPay Pre-IPO Revisited – Further Thoughts on Valuation

PicS N.V. (PICS): Lat-Am Fintech's Surging Revenue, Strong Metrics to Test the IPO Market

IPOs and Secondary Offerings

Equity Capital Markets

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<li>Brazilian fintech leader preparing a Q1 2026 Nasdaq IPO, PicS is one of Brazil’s largest digital wallets with 42m quarterly active consumers and strong engagement growth.</li>
<li>Scaled two-sided ecosystem spanning consumer banking, credit, insurance, investments, SMB payments, commerce, travel, ads, and benefits, driving cross-sell and network effects.</li>
<li>Strong growth profile and market opportunity, with TPV up 29% YoY, rising profitability, and exposure to a large Brazilian digital finance TAM exceeding R$700bn.</li>
</ul>


Brazilian fintech leader preparing a Q1 2026 Nasdaq IPO, PicS is one of Brazil’s largest digital wallets with 42m quarterly active consumers and strong engagement growth.
Scaled two-sided ecosystem spanning consumer banking, credit, insurance, investments, SMB payments, commerce, travel, ads, and benefits, driving cross-sell and network effects.
Strong growth profile and market opportunity, with TPV up 29% YoY, rising profitability, and exposure to a large Brazilian digital finance TAM exceeding R$700bn.


PicS N.V. (PICS): Peeking at the IPO Prospectus of Brazilian Digital Wallet Provider