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

<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

<ul>
<li>One of the most anticipated IPOs of 2025 has officially filed its S-1 -- CoreWeave (CRWV US) . </li>
<li>Their revenue was $16 million, $229 million, and $1.9 billion for the years ended December 31, 2022, 2023, and 2024, respectively, representing year-over-year growth of 1,346% and 737%, respectively.</li>
<li>According to sources, the debut on CoreWeave Inc. is tentatively scheduled for the last week of March.</li>
</ul>


One of the most anticipated IPOs of 2025 has officially filed its S-1 -- CoreWeave (CRWV US) . 
Their revenue was $16 million, $229 million, and $1.9 billion for the years ended December 31, 2022, 2023, and 2024, respectively, representing year-over-year growth of 1,346% and 737%, respectively.
According to sources, the debut on CoreWeave Inc. is tentatively scheduled for the last week of March.


CoreWeave Inc. IPO (CRWV): Peeking at the Prospectus of Cloud Platform Managing AI Infrastructure

<ul>
<li>CoreWeave (CRWV US) officially set terms for an IPO on Thursday morning coming in with a valuation and cash raise that was much lower than previously reported. </li>
<li>Furthermore, the underwriters placed a wider-than-normal spread on the range, $47-$55. This insinuates a negotiation process between the buy-side.</li>
<li>The valuation coming in lower than anticipated will allow investors to put money to work at a more attractive risk-reward profile. </li>
</ul>


CoreWeave (CRWV US) officially set terms for an IPO on Thursday morning coming in with a valuation and cash raise that was much lower than previously reported. 
Furthermore, the underwriters placed a wider-than-normal spread on the range, $47-$55. This insinuates a negotiation process between the buy-side.
The valuation coming in lower than anticipated will allow investors to put money to work at a more attractive risk-reward profile. 


CoreWeave (CRWV): Valuation, Cash Raise Lighter than Expected as Company Pushes Ahead with IPO

Kestra Medical Technologies / Equity Capital Markets

<ul>
<li>Kestra Medical Technologies priced 11.9mm shares (upsized from 10.0mm) at $17.00 ($1 Above the $14-$16 range) and opened at $22.95 for a gain of 35%.</li>
<li>Kestra Medical Technologies (KMTS US) is the second medical device company to go public with success in 2025.</li>
<li>The equity capital markets area is still under scrutiny as a whole following the lackluster debuts of the two large IPOs in 2025.</li>
</ul>


Kestra Medical Technologies priced 11.9mm shares (upsized from 10.0mm) at $17.00 ($1 Above the $14-$16 range) and opened at $22.95 for a gain of 35%.
Kestra Medical Technologies (KMTS US) is the second medical device company to go public with success in 2025.
The equity capital markets area is still under scrutiny as a whole following the lackluster debuts of the two large IPOs in 2025.


Kestra Medical Technologies (KMTS): IPO Pops 35% at Open, Holds Gains Amidst Volatile Backdrop

<ul>
<li>The Trive Capital (private equity) backed company priced 23.0mm shares (upsized from 21.05mm) at $22.00 ($2 Above Range) and opened at $30.00 for a 36.3% gain at first trade. </li>
<li>The deal finished roughly 17-times oversubscribed with the top ten percent of the deal receiving 50% of the offerings and top 25% of the transaction receiving 75% of the allocations.</li>
<li>Given the success of the IPO on day one, we will be upwardly-revising our 30-day forecast on this IPO.</li>
</ul>


The Trive Capital (private equity) backed company priced 23.0mm shares (upsized from 21.05mm) at $22.00 ($2 Above Range) and opened at $30.00 for a 36.3% gain at first trade. 
The deal finished roughly 17-times oversubscribed with the top ten percent of the deal receiving 50% of the offerings and top 25% of the transaction receiving 75% of the allocations.
Given the success of the IPO on day one, we will be upwardly-revising our 30-day forecast on this IPO.


Karman Holdings Inc.(KRMN): Space and Defense IPO Blasts Off, High Hit Rate in Roadshow

United States

SailPoint Technologies Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, offers enterprise identity governance solutions. SailPoint Technologies Holdings empowers customers to securely govern the digital identities of employees, contractors, business partners, and other users to manage their constantly changing access rights to enterprise.

Sailpoint Technologies Holdings (SAIL US)

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Sailpoint Technologies Holdings (SAIL US)

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

CoreWeave Inc. IPO (CRWV): Peeking at the Prospectus of Cloud Platform Managing AI Infrastructure

CoreWeave (CRWV US) files for IPO with impressive revenue growth and a debut expected in March. This article outlines key takeaways from the...

IPO Boutique

CoreWeave (CRWV): Valuation, Cash Raise Lighter than Expected as Company Pushes Ahead with IPO

CoreWeave sets lower IPO terms with wider price range, offering investors a more attractive risk-reward profile. CoreWeave will debut on Friday (3...

IPO Boutique

Kestra Medical Technologies (KMTS): IPO Pops 35% at Open, Holds Gains Amidst Volatile Backdrop

Kestra Medical Technologies IPO prices above range, gains 35% on debut, second successful medical device company to go public in 2025.

IPO Boutique

Karman Holdings Inc.(KRMN): Space and Defense IPO Blasts Off, High Hit Rate in Roadshow

Trive Capital-backed company IPO prices above range, opens at 36.3% gain, oversubscribed with top investors receiving majority of allocations....

IPO Boutique

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52-week Range

Market Cap (USDm)

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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

CoreWeave Inc. IPO (CRWV): Peeking at the Prospectus of Cloud Platform Managing AI Infrastructure

​CoreWeave (CRWV US) files for IPO with impressive revenue growth and a debut expected in March. This article outlines key takeaways from the...

IPO Boutique

CoreWeave (CRWV): Valuation, Cash Raise Lighter than Expected as Company Pushes Ahead with IPO

​CoreWeave sets lower IPO terms with wider price range, offering investors a more attractive risk-reward profile. CoreWeave will debut on Friday (3...

IPO Boutique

Kestra Medical Technologies (KMTS): IPO Pops 35% at Open, Holds Gains Amidst Volatile Backdrop

​Kestra Medical Technologies IPO prices above range, gains 35% on debut, second successful medical device company to go public in 2025.

IPO Boutique

Karman Holdings Inc.(KRMN): Space and Defense IPO Blasts Off, High Hit Rate in Roadshow

​Trive Capital-backed company IPO prices above range, opens at 36.3% gain, oversubscribed with top investors receiving majority of allocations....

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...

CoreWeave (CRWV US) files for IPO with impressive revenue growth and a debut expected in March. This article outlines key takeaways from the...

CoreWeave sets lower IPO terms with wider price range, offering investors a more attractive risk-reward profile. CoreWeave will debut on Friday (3...

Kestra Medical Technologies IPO prices above range, gains 35% on debut, second successful medical device company to go public in 2025.

Trive Capital-backed company IPO prices above range, opens at 36.3% gain, oversubscribed with top investors receiving majority of allocations....