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Research & Strategy

Our research philosophy is built on deep industry expertise and a rigorous commitment to understanding target companies and their competitive landscapes.

Our Team
Transactions

Research & Strategy

Our research philosophy is built on deep industry expertise and a rigorous commitment to understanding target companies and their competitive landscapes.

Our Team
Transactions

Equity Research & Client Services

Our research team is composed of industry experts who combine investigative research with financial analysis. We provide comprehensive industry analysis, company coverage, and a wide range of services tailored to the needs of our institutional and corporate clients.
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Universe of Coverage
  • Company Coverage Reports
  • Industry Analysis & Trends
  • Key Opinion Leader Events
  • Company Road Shows
  • Annual Conference
  • Mini-Topical Conferences
  • Industry Roundtables with Experts

Sector Expertise

Sector specialists are dedicated to long-term franchise growth. Our teams offer integrated financial advisory and capital markets services, along with in-depth sector expertise. Each team is exclusively focused on its specific area of specialization.

Our Experienced Team Transacts Across the Following Sectors:

Basic Materials

Consumer

Energy & Production

Financial Services

Healthcare

Industrials

REITs

Technology

Recent Transactions

September 5, 2025

Pineapple Financial Inc.

NYSE: PAPL

$100,000,000

Private Placement

Exclusive Placement Agent

Press Release

August 19, 2025

Propanc Biopharma, Inc.

Nasdaq: PPCB

$4,000,000

Uplisting

Lead Bookrunner

Press Release

August 15, 2025

rYojbaba Co., Ltd

Nasdaq: RYOJ

$5,000,000

Initial Public Offering

Lead Bookrunner

Press Release

August 12, 2025

Compass Therapeutics

Nasdaq: CMPX

$120,000,000

Underwritten Public Offering

Co-Manager

Press Release

August 1, 2025

WEBUY GLOBAL LTD.

Nasdaq: WBUY

$3,000,000

Follow-On Offering

Exclusive Placement Agent

Press Release

August 1, 2025

D. Boral ARC Acquisition I Corp.

Nasdaq: BCARU

$250,000,000

Initial Public Offering

Sole Bookrunner

Press Release

July 24, 2025

Omeros Corporation

Nasdaq: OMER

$22,000,000

Registered Direct Offering

Exclusive Placement Agent

Press Release

July 17, 2025

Mega Fortune Company Limited

Nasdaq: MGRT

$15,000,000

Initial Public Offering

Sole Bookrunner

Press Release

July 17, 2025

Robot Consulting Co., Ltd.

(Nasdaq: LAWR)

$15,000,000

Initial Public Offering

Lead Bookrunner

Press Release

July 11, 2025

Vertical Aerospace

NYSE: EVTL

$60,000,000

Follow-On Offering

Co-Manager

Press Release
All Transactions

News & Insights

Stay up to date with the latest news, market commentary, and strategic insights from the team at D. Boral Capital.

D. Boral Capital Acted as Exclusive Placement Agent to Pineapple Financial Inc. (NYSE: PAPL) in Connection with its $100,000,000 Private Placement as it Initiates its Injective Digital Asset Treasury Strategy, Becoming the First and Only Publicly Traded INJ Holder on a National Exchange

September 5, 2025

Read More

D. Boral Capital Acted as Lead Bookrunner to Propanc Biopharma, Inc. (Nasdaq: PPCB) in Connection with its $4,000,000 Uplisting

August 19, 2025

Read More

D. Boral Capital Acted as Lead Bookrunner to rYojbaba Co., Ltd (Nasdaq: RYOJ) in Connection with its $5,000,000 Initial Public Offering

August 15, 2025

Read More

D. Boral Capital Acted as Co-Manager to Compass Therapeutics, Inc. (Nasdaq: CMPX) in Connection with its $120,000,000 Underwritten Public Offering

August 12, 2025

Read More

D. Boral Capital Acted as Placement Agent to Microvision, Inc. (Nasdaq:MVIS) in connection with its up to $75 Million Private Placement

August 9, 2025

Read More
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Ryan J. Whalen

General Counsel

Ryan J. Whalen has been the General Counsel of D. Boral Capital since January of 2023, previously serving as Deputy General Counsel & Head of Litigation at D. Boral Capital, since November of 2021.

Prior to joining D. Boral Capital, Ryan spent over two decades as a litigator representing clients faced with complex business disputes. His experience includes handling securities litigation, financial disputes, corporate governance/director and officer litigation, breaches of fiduciary duty, fraud, professional malpractice, employment law, and whistle-blower claims. Ryan also has experience in the Financial Services industry representing investment banks, hedge funds, public companies, and investors. Most recently, Ryan was a Partner at Gusrae Kaplan Nusbaum PLLC. Law, and prior to that, he was a Partner at Brown & Whalen, P.C.

Ryan holds his Juris Doctor degree from Fordham University School of Law and his bachelor’s degree from the University of Rhode Island.

David W. Boral

Chief Executive Officer & Founder

David W. Boral is the Chief Executive Officer and Founder of D. Boral Capital.

Prior to D. Boral Capital, David held several leadership positions in the Investment Banking and Capital Markets industry. His 16 years of expertise spans both public and private transactions, including IPOs, Secondaries/Follow-On Offerings, SPACs, PIPEs, Reverse Mergers, M&A, Bankruptcy/Restructurings, Cross Listings, and other private and public offerings, in the US and abroad. Most recently, David was Co-Head of Investment Banking & Managing Director at Aegis Capital Corp, and prior to that, he was a Director of Investment Banking, at Maxim Group.

In addition to his work at D. Boral Capital, David is dedicated to improving the world around him, specifically the lives of children and veterans. He currently serves on the advisory board for Keep a Child Alive, a nonprofit organization that provides healthcare, housing, and other support services to HIV/AIDS-affected communities in Africa and India. Additionally, David serves on the board for Lifeline Humanitarian Organization, which was founded by Princess Katherine, to reduce and relieve the suffering of physically and mentally disabled children, orphans, and the elderly, as well as to improve medical facilities in Serbia. He also partners with St. Jude Children’s Research Hospital, Heroes Among Us, and Project Rousseau, through corporate sponsorships.

David holds a bachelor’s degree in Business Administration from the Lubin School of Business at Pace University.

Stephanie (Mengjie) Hu

Co-Head of Investment Banking

Stephanie (Mengjie) Hu has been the Head of Asia at D. Boral Capital since May of 2023, previously serving as Vice President, Asia Investment Banking at D. Boral Capital, since November of 2021.

Stephanie has over 9 years of Investment Banking and Financial Services experience. She has completed over 100 transactions across a wide range of industries, representing over $3.5 billion in aggregate value, and has participated in multiple product offerings including IPOs, Follow-Ons/Secondaries, PIPEs, Private Placement, Uplistings (Re-IPO), Reverse Mergers, Registered Directs, CMPOs, ATMs, SPACs and M&As. Her focus is primarily on serving the financial needs of Asian emerging growth and middle-market companies in a variety of industries.

Stephanie holds a Master’s degree in Finance from the University of Rochester, and she is bilingual in English and Mandarin.

Gaurav Verma

Co-Head of Investment Banking

Gaurav Verma has been covering the Technology, Media, and Telecom sector for over 10 years, and has executed over 100 billion in transactions encompassing sell-side and buy-side M&A, IPOs, SPACs, equity offerings, converts, high yield and investment-grade financings. Mr. Verma has advised C-Suite executive teams on M&A assignments, business development opportunities, growth strategies, and capital allocation policies.

Prior to joining D. Boral Capital, Gaurav was a Director at Nomura, spearheading TMT coverage efforts, and previously, was a Senior Vice President at Bank of America Merrill Lynch, within their TMT Investment Banking Group.

Gaurav received his MBA in Finance and Entrepreneurship from the NYU Stern School of Business and BS in Computer Science and Economics from Rutgers University.

Jared S. Merlin

Chief Compliance Officer

Jared S. Merlin has been the Chief Compliance Officer at D. Boral Capital since November of 2022.

Prior to joining D. Boral Capital, Jared spent nine years as a Managing Director at Credit Agricole Corporate and Investment Bank, serving as the Chief Compliance Officer and Head of Capital Markets Compliance. Jared has over two decades of Compliance experience, providing regulatory advice and oversight to investment banks and broker dealers. Prior to Jared’s tenure at Credit Agricole, Jared held various positions in the Compliance Departments of Knight Capital Americas LLC, and Brown Brothers Harriman & Co.

Jared holds a bachelor’s degree from Syracuse University and an MBA from the NYU Stern School of Business.

Phil Wiederlight

Chief Operating Officer

Phil Wiederlight has been the Chief Operating Officer since November 2023, previously serving as Head of Syndicate, Equity Capital Markets, at D. Boral Capital, since May of 2023.

Phil has spent 15 years in Financial Services, where he has held multiple leadership positions at GoldenTree Asset Management, Sculptor Capital, and JP Morgan. He has completed numerous Capital Markets transactions, which have accounted for several billions of dollars, and has participated in multiple product offerings including IPOs, Follow-Ons/Secondaries, PIPEs, Private Placements, Uplistings (Re-IPO), Reverse Mergers, Registered Directs, CMPOs, ATMs, and SPACs. His experience also includes Cash and Position Reconciliations, Private Equity Structured Products, Trade Settlements, Crypto Settlements, Account Setups, Expense Management, Risk Reporting, and Fund Accounting. Phil has also managed numerous service provider and third-party relationships, which has helped streamline processes and improve internal efficiencies.

Phil holds a Bachelor’s degree in Business Administration from the Miami Herbert Business School at the University of Miami.

Sharad Agrawal

Chief Technology Officer

Sharad Agrawal has been Chief Technology Officer at D. Boral Capital since May of 2023.

Prior to joining D. Boral Capital, Sharad worked in Private Equity in a technology leadership capacity, to improve infrastructure, cybersecurity, and technology operations. Sharad was also Chief Technology Officer at Redwood Capital Management, and prior to that, was Global Head of Information Technology at Eagle Investment Solutions, where he was responsible for all firmwide technology efforts globally. His duties included helping develop custom applications and strategy, while leading compliance, data, digital, engineering, and cloud initiatives.

Sharad will be pursuing an Executive Education-Chief Technology Officer program at University of Pennsylvania beginning Winter 2024.

Ben Reed

Head of Wealth Management

Ben has over a decade of experience in the retail markets, focusing on emerging growth, small, and middle market companies in biotechnology, healthcare, technology, and energy.

Throughout his career, he has helped raise capital for numerous IPOs, secondary offerings, PIPES, and SPACs. He currently holds his series 7, 24, 63, 65, and Insurance Licenses.

He graduated from Villanova University with a Bachelor of Arts degree in Economics and remains an avid Wildcats fan.