Hinge Health raised US$437.3 million in its US IPO by pricing shares at US$32 each, the top of its expected range.

The company priced its shares at US$32 each, the upper limit of its marketed range of US$28 to US$32.

About 13.7 million shares were sold during the offering, but its IPO valuation is 52% lower than its 2021 series E funding round.

The company will debut on the New York Stock Exchange on May 22, 2025, using the ticker symbol “HNGE”.

Morgan Stanley, Barclays Capital, and BofA Securities led the IPO underwriting.

🔗 Source: Reuters

🧠 Food for thought

1️⃣ Digital health IPO drought may be ending after lengthy post-pandemic slump

Hinge Health’s public debut represents a significant milestone for the digital health sector, which has experienced minimal IPO activity since the pandemic boom ended.

This is potentially the first healthcare delivery startup to go public in nearly three years, signaling renewed public market interest in digital health companies 1.

The IPO comes amid early signs of recovery in the broader digital health funding landscape, with startups raising $3 billion across 122 deals in Q1 2025, up from $2.7 billion in the same period last year 2.

Investors and industry observers are closely watching Hinge Health’s market performance as a potential indicator for other mature digital health companies considering public offerings after waiting out the post-pandemic funding slowdown.

Despite raising over $1 billion in private funding since its 2014 founding, Hinge Health’s path to IPO reflects the extended timeline digital health companies now face compared to the accelerated trajectories seen during 2020-2021 1.

2️⃣ Private market reset reflected in down-round public debut

Despite pricing at the top of its proposed range, Hinge Health’s $2.6 billion IPO valuation represents a 58% decrease from its $6.2 billion private valuation achieved during its 2021 Series E funding round 3.

This valuation adjustment exemplifies the broader reset occurring across technology and healthcare markets following the inflation of private market valuations during the pandemic-era funding boom.