US IPOs, IPO Boutique

IPO Boutique

US IPOs

We have been providing research, ratings, colour and commentary on IPOs and Secondary offerings for nearly 20 years. The IPO Boutique teamhas more than 50 years of experience in the equity capital markets arena. The vast network of contacts and attention-to-detail sets IPO Boutique apart from other ECM Ratings & Research firms.

IPOs and Secondary Offerings

Equity Capital Markets

Smithfield Foods / Equity Capital Markets

Smithfield Foods, Inc. is an American food company with a leading position in packaged meats and fresh pork products. With a diverse brand portfolio and strong relationships with U.S. farmers and customers, the company responsibly meets demand for quality protein around the world.

<ul>
<li>The company  priced a downsized transaction of 26.08mm shares (down from 34.8mm) at $20.00 (original range $23-$27) and opened at $21.05 for a gain of 5.3% at first trade.</li>
<li>A broken IPO usually hurts the psyche of the IPO market in the short term.</li>
<li>The healthcare space will be looking to give IPOs a boost during the second half of the week with much stronger deals set to debut.</li>
</ul>


The company  priced a downsized transaction of 26.08mm shares (down from 34.8mm) at $20.00 (original range $23-$27) and opened at $21.05 for a gain of 5.3% at first trade.
A broken IPO usually hurts the psyche of the IPO market in the short term.
The healthcare space will be looking to give IPOs a boost during the second half of the week with much stronger deals set to debut.


Smithfield Foods Inc (SFD): IPO Opens with Heavy Selling Pressure, Closes Below Issue

Beta Bionics, Inc. is a commercial-stage medical device company. The Company offers an automated insulin delivery system with closed-loop algorithms for the treatment of people with diabetes. Beta Bionics operates in the United States.

<ul>
<li>The underwriters amended the terms of this offering with a S-1/A on Tuesday morning.</li>
<li>With the updated terms, the company could raise as much as $170 million at the high-end of the new range. </li>
<li>We have updated our first day forecast given the bullish momentum during the roadshow. </li>
</ul>


The underwriters amended the terms of this offering with a S-1/A on Tuesday morning.
With the updated terms, the company could raise as much as $170 million at the high-end of the new range. 
We have updated our first day forecast given the bullish momentum during the roadshow. 


Beta Bionic Inc (BBNX): Bullish IPO Roadshow Moves Underwriters to Amend Offering Size and Range

US unit of Titan Cement International SA.

<ul>
<li>Titan America is a leading vertically integrated, multi-regional manufacturer and supplier of heavy building materials and services sets terms for its IPO. </li>
<li>Citigroup and Goldman Sachs are leading the IPO that could raise north of $400m. </li>
<li>The IPO is scheduled to debut on February 7th with the parent, Titan Cement, offering 62.5% of the shares in this offering. </li>
</ul>


Titan America is a leading vertically integrated, multi-regional manufacturer and supplier of heavy building materials and services sets terms for its IPO. 
Citigroup and Goldman Sachs are leading the IPO that could raise north of $400m. 
The IPO is scheduled to debut on February 7th with the parent, Titan Cement, offering 62.5% of the shares in this offering. 


Titan America (TTAM): Cement Producer Seeking IPO Valuation North of $3bn, Set for February Debut

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Equity Bottom-Up

Mizuho Leasing Company, Limited operates as a leasing company. The Company provides finance leasing, operating leasing, automobile leasing, real estate leasing, and other services.  Mizuho Leasing also offers payment outsourcing, installment sales, and other services.

<ul><li>SC Capital purchased the Fukuoka Hilton in Japan from Mizuho Leasing for $420M in a significant Hotel REIT transaction.</li><li>GIC has divested its stake in a London office project to Modon, a move that indicates strategic restructuring for the company.</li><li>Despite a rise in revenue, CapitaLand Ascott Trust's 2H 2024 payout decreased by 7%, reflecting potential challenges in the market.</li></ul>

SC Capital purchased the Fukuoka Hilton in Japan from Mizuho Leasing for $420M in a significant Hotel REIT transaction.GIC has divested its stake in a London office project to Modon, a move that indicates strategic restructuring for the company.Despite a rise in revenue, CapitaLand Ascott Trust's 2H 2024 payout decreased by 7%, reflecting potential challenges in the market.

Asia Real Estate Tracker (28-Jan-2025): SC Capital buys Fukuoka Hilton from Mizuho for $420M

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Suntec REIT's future outlook uncertain, with analysts predicting lower estimates for FY2025-FY2026.</li><li>OUE REIT's performance post FY2024 results continues to divide opinions amongst analysts.</li><li>DBS maintains 'buy' rating and $3 target price for Seatrium, while reporting weak overseas assets for MPACT in 3QFY2025.</li></ul>

Suntec REIT's future outlook uncertain, with analysts predicting lower estimates for FY2025-FY2026.OUE REIT's performance post FY2024 results continues to divide opinions amongst analysts.DBS maintains 'buy' rating and $3 target price for Seatrium, while reporting weak overseas assets for MPACT in 3QFY2025.

Singapore Market Roundup (28-Jan-2025): Suntec REIT's FY2024 uncertain, lower estimates for FY2025-FY2026.

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Smithfield Foods Inc (SFD): IPO Opens with Heavy Selling Pressure, Closes Below Issue

Company prices downsized IPO at $20/share, opens at $21.05 for 5.3% gain. Broken IPOs impact market psyche short term. Healthcare sector to boost...

IPO Boutique

Beta Bionic Inc (BBNX): Bullish IPO Roadshow Moves Underwriters to Amend Offering Size and Range

Underwriters amend offering terms, company could raise up to $170 million, first day forecast updated due to bullish momentum during roadshow.

IPO Boutique

Titan America (TTAM): Cement Producer Seeking IPO Valuation North of $3bn, Set for February Debut

Titan America, a major building materials manufacturer, sets terms for IPO led by Citigroup and Goldman Sachs, aiming to raise over $400m with a...

IPO Boutique

Asia Real Estate Tracker (28-Jan-2025): SC Capital buys Fukuoka Hilton from Mizuho for $420M

SC Capital acquires Fukuoka Hilton for $420M, GIC sells London office stake, and CapitaLand Ascott Trust payout dips despite revenue growth.

Asia Real Estate Tracker

Singapore Market Roundup (28-Jan-2025): Suntec REIT's FY2024 uncertain, lower estimates for FY2025-FY2026.

Analysts divided on Suntec REIT's FY2024 but lower estimates for FY2025-FY2026 with predictions for DBS at $49, UOB at $42, OCBC at $19, OUE REIT...

Singapore Market Roundup

Smithfield Foods Inc (SFD): IPO Opens with Heavy Selling Pressure, Closes Below Issue

​Company prices downsized IPO at $20/share, opens at $21.05 for 5.3% gain. Broken IPOs impact market psyche short term. Healthcare sector to boost...

IPO Boutique

Beta Bionic Inc (BBNX): Bullish IPO Roadshow Moves Underwriters to Amend Offering Size and Range

​Underwriters amend offering terms, company could raise up to $170 million, first day forecast updated due to bullish momentum during roadshow.

IPO Boutique

Titan America (TTAM): Cement Producer Seeking IPO Valuation North of $3bn, Set for February Debut

​Titan America, a major building materials manufacturer, sets terms for IPO led by Citigroup and Goldman Sachs, aiming to raise over $400m with a...

IPO Boutique

Asia Real Estate Tracker (28-Jan-2025): SC Capital buys Fukuoka Hilton from Mizuho for $420M

SC Capital acquires Fukuoka Hilton for $420M, GIC sells London office stake, and CapitaLand Ascott Trust payout dips despite revenue growth.

Asia Real Estate Tracker

Singapore Market Roundup (28-Jan-2025): Suntec REIT's FY2024 uncertain, lower estimates for FY2025-FY2026.

Analysts divided on Suntec REIT's FY2024 but lower estimates for FY2025-FY2026 with predictions for DBS at $49, UOB at $42, OCBC at $19, OUE REIT...

Singapore Market Roundup

Company prices downsized IPO at $20/share, opens at $21.05 for 5.3% gain. Broken IPOs impact market psyche short term. Healthcare sector to boost...

Underwriters amend offering terms, company could raise up to $170 million, first day forecast updated due to bullish momentum during roadshow.

Titan America, a major building materials manufacturer, sets terms for IPO led by Citigroup and Goldman Sachs, aiming to raise over $400m with a...