Hinge Health IPO update: NYSE stock trading starts today after shares priced at top of range
Digital physical therapy health startup Hinge Health Inc. is expected to make its market debut on Thursday in a closely watched initial public offering (IPO) that will test the market's interest for a new digital health offering, after what has been a challenging few years for the sector.
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There have been fewer tech IPOs recently, but they could be making a comeback, according to CNBC.
The San Francisco-based company priced shares at $32 on Wednesday, the higher end of its expected range, in an offering led by Morgan Stanley, Barclays, and BofA Securities. The stock will list on the New York Stock Exchange (NYSE) under the 'HNGE' ticker symbol.
Based on its IPO share price, Hinge Health has an approximate valuation of about $2.6 billion, though it could be higher on a fully diluted basis. Still, that's much lower than its October 2021 valuation of $6.2 billion, according to CNBC.
Hinge Health leverages software, including artificial intelligence (AI), to largely automate care for joint and muscle health, and to improve outcomes and cost reductions for its clients via a digital platform.
That platform is designed to address a broad spectrum of musculoskeletal (MSK) health needs care, from acute injury and chronic pain to postsurgical rehabilitation.
It aims to reduce pain, improve function, and decrease the necessity for surgeries while promoting health equity, because it allows members to engage in their exercise therapy sessions from any location.
The company was founded in 2014 by Daniel Perez and Gabriel Mecklenburg, who both had experienced MSK injuries, as well as underwent surgery and physical therapy, and endured a frustrating recovery process.
This post originally appeared at fastcompany.comSubscribe to get the Fast Company newsletter: http://fastcompany.com/newsletters
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