US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

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.

IPOs and Secondary Offerings

Equity Capital Markets

Andersen Group Inc. provides professional services. The Company offers private and outsourced accounting, tax, valuation, and financial advisory services. Andersen Group serves individuals and family offices, businesses, and institutional clients in the United States.

<ul>
<li>Andersen priced at the high end and delivered a powerful first-day performance, signaling strong institutional demand despite recent IPO market skepticism.</li>
<li>Shares climbed steadily throughout the session, reflecting high-quality long-only participation and confidence in Andersen’s growth and margin profile.</li>
<li>Near-Term upside may moderate as investors take profits into year-end, but fundamentals support continued longer-term interest.</li>
</ul>


Andersen priced at the high end and delivered a powerful first-day performance, signaling strong institutional demand despite recent IPO market skepticism.
Shares climbed steadily throughout the session, reflecting high-quality long-only participation and confidence in Andersen’s growth and margin profile.
Near-Term upside may moderate as investors take profits into year-end, but fundamentals support continued longer-term interest.


Andersen Group Inc. (ANDG): Professional Services Platform Delivers Strong IPO Debut

Medline Industries is a medical supply company, manufacturer and distributor.

<ul>
<li>Medline delivered a blockbuster debut, surging over 40% from issue to close, marking the largest and strongest IPO performance of 2025.</li>
<li>An upsized, heavily oversubscribed offering and powerful aftermarket trading signal deep institutional conviction and durable demand.</li>
<li>The deal positions Medline as a flagship IPO and a momentum-setting springboard for investor confidence heading into 2026.</li>
</ul>


Medline delivered a blockbuster debut, surging over 40% from issue to close, marking the largest and strongest IPO performance of 2025.
An upsized, heavily oversubscribed offering and powerful aftermarket trading signal deep institutional conviction and durable demand.
The deal positions Medline as a flagship IPO and a momentum-setting springboard for investor confidence heading into 2026.


Medline Inc. (MDLN): Blockbuster Debut Caps 2025 With a Statement Win

<ul>
<li>Andersen is offering 11.0mm shares at $14–$16, with early channel checks indicating a multiple-times oversubscribed book ahead of its December 17 debut.</li>
<li>The firm has built a global advisory platform across tax, legal, and valuation services, delivering strong organic growth and meaningful margin expansion.</li>
<li>Valuation appears reasonable versus peers, though year-end timing and recent IPO volatility may temper initial trading enthusiasm.</li>
</ul>


Andersen is offering 11.0mm shares at $14–$16, with early channel checks indicating a multiple-times oversubscribed book ahead of its December 17 debut.
The firm has built a global advisory platform across tax, legal, and valuation services, delivering strong organic growth and meaningful margin expansion.
Valuation appears reasonable versus peers, though year-end timing and recent IPO volatility may temper initial trading enthusiasm.


Andersen Group Inc. (ANDG): Late-Year IPO Backed by Global Scale and Expanding Margins

<ul>
<li>Medline’s IPO is poised to be 2025’s largest, with a potential $5.4bn raise, positioning it as a key bridge deal into the 2026 IPO pipeline.</li>
<li>Strong anchor demand and an oversubscribed book highlight investor appetite for scaled, mature healthcare platforms with durable cash flows.`</li>
<li>Proceeds will materially reduce leverage, supporting a more balanced capital structure and reinforcing Medline’s long-term investment appeal.</li>
</ul>


Medline’s IPO is poised to be 2025’s largest, with a potential $5.4bn raise, positioning it as a key bridge deal into the 2026 IPO pipeline.
Strong anchor demand and an oversubscribed book highlight investor appetite for scaled, mature healthcare platforms with durable cash flows.`
Proceeds will materially reduce leverage, supporting a more balanced capital structure and reinforcing Medline’s long-term investment appeal.


Medline Inc. (MDLN): Largest Cash Raise IPO Since 2021's Rivian Brings End of Year Opportunity

Wealthfront Corporation / Equity Capital Markets

Wealthfront Corporation operates as a financial solutions company. The Company provides a digital financial solutions platform designed to offers cash management, investment advisory, borrowing and lending, and financial planning services. Wealthfront serves customers in the United States.

<ul>
<li>Wealthfront priced 34.6mm shares at $14.00, top of range, and opened flat before closing up 1.4% after a volatile first session.</li>
<li>The deal was reportedly double-digit times oversubscribed, with concentrated allocations and anchor support from BlackRock and Wellington.</li>
<li>Despite the muted debut, Wealthfront’s strong profitability and discounted valuation versus peers support potential aftermarket upside.</li>
</ul>


Wealthfront priced 34.6mm shares at $14.00, top of range, and opened flat before closing up 1.4% after a volatile first session.
The deal was reportedly double-digit times oversubscribed, with concentrated allocations and anchor support from BlackRock and Wellington.
Despite the muted debut, Wealthfront’s strong profitability and discounted valuation versus peers support potential aftermarket upside.


Wealthfront Corporation (WLTH): Financial Platform Falls Flat Despite Heavy Pre-IPO Interest