Hinge Health IPO update: NYSE stock trading starts today after shares priced at top of range
Hinge Health Inc, the digital physical therapy health startup that 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.
Recently, there have been fewer tech IPOs, 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, HNGE has an approximate valuation worth about $2.6 billion, though it could be higher on a fully diluted basis; and is much lower than its October 2021 valuation of $6.2 billion, according to CNBC.
What does Hinge Health do?
Hinge Health leverages software, including artificial intelligence (AI), to largely automate care for joint and muscle health, to improve outcomes, and cost reductions for its clients via a digital platform.
That platform is designed to address a broad spectrum of musculoskeletal health needs (MSK) care—from acute injury, to chronic pain, to post-surgical rehabilitation—and aims
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 after both experienced MSK injuries, and both had to undergo surgery and physical therapy, enduring a frustrating recovery process.
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