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

CoreWeave, Inc. provides software solutions and cloud services. The Company offers cloud infrastructure platform that manages the complexity of engineering, assembling, running, and monitoring state-of-the-art infrastructure at a massive scale to deliver high performance and efficiency to AI workloads. CoreWeave serves customers worldwide.

<ul>
<li>CoreWeave priced a down-sized transaction of 37.5mm shares at $40.00 ($7 Below the Original $47-$55 range) and opened at $39.00 for a loss of 2.5% at first trade</li>
<li>According to our underwriter sources, the deal finished multiple-times oversubscribed with the top three accounts getting 50% of the deal and the top 15 accounts taking down 90% of the transaction.</li>
<li>This IPO in particular was a difficult deal to value for IPO investors based upon being a "first mover" in the AI space.</li>
</ul>


CoreWeave priced a down-sized transaction of 37.5mm shares at $40.00 ($7 Below the Original $47-$55 range) and opened at $39.00 for a loss of 2.5% at first trade
According to our underwriter sources, the deal finished multiple-times oversubscribed with the top three accounts getting 50% of the deal and the top 15 accounts taking down 90% of the transaction.
This IPO in particular was a difficult deal to value for IPO investors based upon being a "first mover" in the AI space.


CoreWeave Inc (CRWV): IPO Opens Below Issue, Closes Flat in Debut Session

SmartStop Self Storage REIT / Equity Capital Markets

SmartStop Self Storage REIT, Inc. is a self-storage REIT company. The Company focuses on the acquisition, ownership, and operation of self-storage properties. SmartStop Self Storage REIT serves clients in the United States and Canada.

<ul>
<li>The company is primarily a "growth by acquisition" story but does have a bullish outlook based upon strong occupancy and improving metrics.</li>
<li>The underwriters have reserved up to 10% of the shares in this offering through a directed share program.</li>
<li>This IPO “may” be more attractive for investors that “covet yield” versus traditional IPO players.</li>
</ul>


The company is primarily a "growth by acquisition" story but does have a bullish outlook based upon strong occupancy and improving metrics.
The underwriters have reserved up to 10% of the shares in this offering through a directed share program.
This IPO “may” be more attractive for investors that “covet yield” versus traditional IPO players.


SmartStop Self Storage (SMA): CEO Confident in Bottoming Self-Storage Market Ahead of IPO

<ul>
<li>According to sources, the deal is being reworked with significant share size reduction and a downwardly-revised price.</li>
<li>Ultimately, a smaller size transaction with a more attractive valuation will make this IPO easier to digest. </li>
<li>We lack conviction in this IPO at this time and believe that investors looking to have a long-term position in the company may be better suited as an aftermarket participant. </li>
</ul>


According to sources, the deal is being reworked with significant share size reduction and a downwardly-revised price.
Ultimately, a smaller size transaction with a more attractive valuation will make this IPO easier to digest. 
We lack conviction in this IPO at this time and believe that investors looking to have a long-term position in the company may be better suited as an aftermarket participant. 


CoreWeave Inc. (CRWV): IPO Terms Being Reworked at Eleventh Hour; Caution Needed

Etoro Group Limited provides fintech solutions. The Company offers a platform that gives traders and investors access to different financial assets, including stocks, cryptocurrencies, ETFs, indices, currencies, and commodities. Etoro Group serves clients worldwide.

<ul>
<li>As of December 31, 2024, they had approximately 3.5 million Funded Accounts across their global footprint of 75 countries.</li>
<li>As of December 31, 2024, the Company had $113 million of cryptoassets presented as current assets, and $5,775 million cryptoassets held on behalf of its users in custody.</li>
<li>In 2024, eToro generated $12.6bn of revenue, of which $12.1bn was attributable to crypto assets and the remainder from equities, commodities and currencies. </li>
</ul>


As of December 31, 2024, they had approximately 3.5 million Funded Accounts across their global footprint of 75 countries.
As of December 31, 2024, the Company had $113 million of cryptoassets presented as current assets, and $5,775 million cryptoassets held on behalf of its users in custody.
In 2024, eToro generated $12.6bn of revenue, of which $12.1bn was attributable to crypto assets and the remainder from equities, commodities and currencies. 


EToro Group Ltd (ETOR): Peeking at the IPO Prospectus of a Crypto Focused Trading Platform

Ategrity Specialty Holdings / Equity Capital Markets

Ategrity Specialty Holdings LLC operates as a holding company. The Company, through its subsidiaries, provides general and management liability, commercial property, allied healthcare, and other specialty insurance products for small to medium-sized businesses. Ategrity Specialty Holdings serves clients across the United States.

<ul>
<li>For the year ended December 31, 2024, they wrote $437.0 million in gross written premiums, representing a compound annual growth rate of 28.4% over the last two years.</li>
<li>We anticipate this company to set terms (share size, price range) and debut in the second half of April.</li>
<li>Zimmer Financial Services Group LLC (“ZFSG”) will continue to be a majority owner of Ategrity following this offering. </li>
</ul>


For the year ended December 31, 2024, they wrote $437.0 million in gross written premiums, representing a compound annual growth rate of 28.4% over the last two years.
We anticipate this company to set terms (share size, price range) and debut in the second half of April.
Zimmer Financial Services Group LLC (“ZFSG”) will continue to be a majority owner of Ategrity following this offering. 


Ategrity Specialty Holdings (ASIC): Peeking at the Prospectus of the Next Specialty Insurer IPO

US ECM
Coverage of US IPOs & Placements

CoreWeave Inc (CRWV): IPO Opens Below Issue, Closes Flat in Debut Session

CoreWeave's IPO priced lower than expected, opening at a loss of 2.5% with top accounts dominating the transaction, reflecting challenges in...

IPO Boutique

SmartStop Self Storage (SMA): CEO Confident in Bottoming Self-Storage Market Ahead of IPO

Company with growth by acquisition strategy has strong occupancy and improving metrics, IPO may appeal to yield-seeking investors with directed...

IPO Boutique

CoreWeave Inc. (CRWV): IPO Terms Being Reworked at Eleventh Hour; Caution Needed

The IPO deal is being reworked with a smaller share size and lower price, in an attempt to. make it more attractive for investors.

IPO Boutique

EToro Group Ltd (ETOR): Peeking at the IPO Prospectus of a Crypto Focused Trading Platform

eToro had 3.5 million Funded Accounts, $113 million in cryptoassets, and generated $12.6bn in revenue in 2024, with most coming from crypto assets.

IPO Boutique

Ategrity Specialty Holdings (ASIC): Peeking at the Prospectus of the Next Specialty Insurer IPO

Ategrity shows strong growth with $437.0 million in premiums. ASIC is set to debut in April with majority ownership by ZFSG.

IPO Boutique

CoreWeave Inc (CRWV): IPO Opens Below Issue, Closes Flat in Debut Session

​CoreWeave's IPO priced lower than expected, opening at a loss of 2.5% with top accounts dominating the transaction, reflecting challenges in...

IPO Boutique

SmartStop Self Storage (SMA): CEO Confident in Bottoming Self-Storage Market Ahead of IPO

​Company with growth by acquisition strategy has strong occupancy and improving metrics, IPO may appeal to yield-seeking investors with directed...

IPO Boutique

CoreWeave Inc. (CRWV): IPO Terms Being Reworked at Eleventh Hour; Caution Needed

​The IPO deal is being reworked with a smaller share size and lower price, in an attempt to. make it more attractive for investors.

IPO Boutique

EToro Group Ltd (ETOR): Peeking at the IPO Prospectus of a Crypto Focused Trading Platform

​eToro had 3.5 million Funded Accounts, $113 million in cryptoassets, and generated $12.6bn in revenue in 2024, with most coming from crypto assets.

IPO Boutique

Ategrity Specialty Holdings (ASIC): Peeking at the Prospectus of the Next Specialty Insurer IPO

​Ategrity shows strong growth with $437.0 million in premiums. ASIC is set to debut in April with majority ownership by ZFSG.

IPO Boutique

CoreWeave's IPO priced lower than expected, opening at a loss of 2.5% with top accounts dominating the transaction, reflecting challenges in...

Company with growth by acquisition strategy has strong occupancy and improving metrics, IPO may appeal to yield-seeking investors with directed...

The IPO deal is being reworked with a smaller share size and lower price, in an attempt to. make it more attractive for investors.

eToro had 3.5 million Funded Accounts, $113 million in cryptoassets, and generated $12.6bn in revenue in 2024, with most coming from crypto assets.

Ategrity shows strong growth with $437.0 million in premiums. ASIC is set to debut in April with majority ownership by ZFSG.