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>Hinge Health priced a full-size deal of 13.666mm shares at the high-end of the range, $32.00 and opened for trading at $39.25 for a gain of 21.9% at first trade.</li>
<li>According to our sources, the deal finished north of 15-times oversubscribed.  We are told that the deal was made more "exclusive" with one-third of the book being completely shut-out.</li>
<li>Another virtual healthcare provider, Omada Health, recently filed for its IPO. If the valuation of Omada Health is more aggressive, it could provide a boost to Hinge Health's price.</li>
</ul>


Hinge Health priced a full-size deal of 13.666mm shares at the high-end of the range, $32.00 and opened for trading at $39.25 for a gain of 21.9% at first trade.
According to our sources, the deal finished north of 15-times oversubscribed.  We are told that the deal was made more "exclusive" with one-third of the book being completely shut-out.
Another virtual healthcare provider, Omada Health, recently filed for its IPO. If the valuation of Omada Health is more aggressive, it could provide a boost to Hinge Health's price.


Hinge Health (HNGE): VC Backed Virtual Therapy Provider IPO Pops 22% at Opening Print

<ul>
<li>The venture-capital backed company set terms for its IPO and will be seeking a valuation cut of more than 50% from its 2021 peak.</li>
<li>Their revenue was $123.8 million and $82.7 million for the three months ended March 31, 2025 and 2024, respectively, representing a year-over-year growth rate of 50%.</li>
<li>This IPO has gained a substantial amount of orders as the underwriters are classifying the books as multiple-times oversubscribed. </li>
</ul>


The venture-capital backed company set terms for its IPO and will be seeking a valuation cut of more than 50% from its 2021 peak.
Their revenue was $123.8 million and $82.7 million for the three months ended March 31, 2025 and 2024, respectively, representing a year-over-year growth rate of 50%.
This IPO has gained a substantial amount of orders as the underwriters are classifying the books as multiple-times oversubscribed. 


Hinge Health (HNGE): Growth Surging into IPO, Valuation at Major Discount to 2021 Peak

<ul>
<li>The venture-capital backed company set terms for its IPO on Tuesday. The company will be offering 13.666 million shares at a $28-$32 range equating to a valuation of $2.3b-$2.6b.</li>
<li>Their revenue was $123.8 million and $82.7 million for the three months ended March 31, 2025 and 2024, respectively, representing a year-over-year growth rate of 50%.</li>
<li>This IPO is checking the boxes in terms of growth and the valuation comes at a significant discount to a previous funding round making the deal attractive for new investors. </li>
</ul>


The venture-capital backed company set terms for its IPO on Tuesday. The company will be offering 13.666 million shares at a $28-$32 range equating to a valuation of $2.3b-$2.6b.
Their revenue was $123.8 million and $82.7 million for the three months ended March 31, 2025 and 2024, respectively, representing a year-over-year growth rate of 50%.
This IPO is checking the boxes in terms of growth and the valuation comes at a significant discount to a previous funding round making the deal attractive for new investors. 


Hinge Health (HNGE): VC Backed Virtual Therapist Company Seeking $2.6b Valuation

<ul>
<li>They have designed their platform to address a broad spectrum of Musculoskeletal system (MSK) care—from acute injury, to chronic pain, to post-surgical rehabilitation.</li>
<li>As of December 31, 2024, they had over 532,000 members and more than 2,250 clients, compared to approximately 371,000 members and approximately 1,650 clients as of December 31, 2023.</li>
<li>Their revenue was $390.4 million and $292.7 million for the years ended December 31, 2024 and 2023, respectively, representing a year-over-year growth rate of 33%.</li>
</ul>


They have designed their platform to address a broad spectrum of Musculoskeletal system (MSK) care—from acute injury, to chronic pain, to post-surgical rehabilitation.
As of December 31, 2024, they had over 532,000 members and more than 2,250 clients, compared to approximately 371,000 members and approximately 1,650 clients as of December 31, 2023.
Their revenue was $390.4 million and $292.7 million for the years ended December 31, 2024 and 2023, respectively, representing a year-over-year growth rate of 33%.


Hinge Health (HNGE): Peeking at the Prospectus of the Next Software/Healthcare IPO

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Omada Health reported stronger than expected 3Q25 revenue of ~$68M (consensus: $61.2M) and management provided guidance for 2025 revenue of $251.5M-$254.5M, +49% y/y at midpoint.  </li>
<li>The chronic disease management company introduced Meal Map, a new AI-powered nutrition tool integrated within the Omada Health’s cardiometabolic programs.</li>
<li>I’m updating OMDA model estimates in my insight to reflect the company’s 3Q25 results, management guidance, and trends in the digital therapeutics space.</li>
</ul>


Omada Health reported stronger than expected 3Q25 revenue of ~$68M (consensus: $61.2M) and management provided guidance for 2025 revenue of $251.5M-$254.5M, +49% y/y at midpoint.  
The chronic disease management company introduced Meal Map, a new AI-powered nutrition tool integrated within the Omada Health’s cardiometabolic programs.
I’m updating OMDA model estimates in my insight to reflect the company’s 3Q25 results, management guidance, and trends in the digital therapeutics space.


Omada Health (OMDA.US): Robust 3Q Undermined by Sentiment, Long-Term Bullish Thesis Intact

United States

Hinge Health, Inc. develops health care software. The Company offers remote monitoring and digital care solutions to improve patient education, monitor physical and behavioral therapy, and address a broad spectrum of MSK care. Hinge Health serves customers in the United States.

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Hinge Health (HNGE US)

Hinge Health (HNGE): VC Backed Virtual Therapy Provider IPO Pops 22% at Opening Print

Hinge Health IPO prices high, opens strong with 21.9% gain. Oversubscribed deal made exclusive, eyes on Omada Health's valuation for potential boost.

IPO Boutique

Hinge Health (HNGE): Growth Surging into IPO, Valuation at Major Discount to 2021 Peak

Venture-backed company sets IPO terms seeking over 50% valuation cut from peak, with strong revenue growth and high demand for shares.

IPO Boutique

Hinge Health (HNGE): VC Backed Virtual Therapist Company Seeking $2.6b Valuation

Venture-backed company sets IPO terms, offering shares at $28-$32 range with $2.3b-$2.6b valuation. Strong revenue growth of 50% year-over-year...

IPO Boutique

Hinge Health (HNGE): Peeking at the Prospectus of the Next Software/Healthcare IPO

A platform for MSK care sees significant growth in members and revenue, catering to a wide range of needs from acute injury to post-surgical rehab.

IPO Boutique

Omada Health (OMDA.US): Robust 3Q Undermined by Sentiment, Long-Term Bullish Thesis Intact

Omada Health beat all key estimates in 3Q25, introduced AI-powered nutrition tool Meal Map and GLP-1 prescribing offering. The company also raised...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hinge Health (HNGE): VC Backed Virtual Therapy Provider IPO Pops 22% at Opening Print

​Hinge Health IPO prices high, opens strong with 21.9% gain. Oversubscribed deal made exclusive, eyes on Omada Health's valuation for potential boost.

IPO Boutique

Hinge Health (HNGE): Growth Surging into IPO, Valuation at Major Discount to 2021 Peak

​Venture-backed company sets IPO terms seeking over 50% valuation cut from peak, with strong revenue growth and high demand for shares.

IPO Boutique

Hinge Health (HNGE): VC Backed Virtual Therapist Company Seeking $2.6b Valuation

​Venture-backed company sets IPO terms, offering shares at $28-$32 range with $2.3b-$2.6b valuation. Strong revenue growth of 50% year-over-year...

IPO Boutique

Hinge Health (HNGE): Peeking at the Prospectus of the Next Software/Healthcare IPO

​A platform for MSK care sees significant growth in members and revenue, catering to a wide range of needs from acute injury to post-surgical rehab.

IPO Boutique

Omada Health (OMDA.US): Robust 3Q Undermined by Sentiment, Long-Term Bullish Thesis Intact

​Omada Health beat all key estimates in 3Q25, introduced AI-powered nutrition tool Meal Map and GLP-1 prescribing offering. The company also raised...

Andrei Zakharov

Hinge Health IPO prices high, opens strong with 21.9% gain. Oversubscribed deal made exclusive, eyes on Omada Health's valuation for potential boost.

Venture-backed company sets IPO terms seeking over 50% valuation cut from peak, with strong revenue growth and high demand for shares.

Venture-backed company sets IPO terms, offering shares at $28-$32 range with $2.3b-$2.6b valuation. Strong revenue growth of 50% year-over-year...

A platform for MSK care sees significant growth in members and revenue, catering to a wide range of needs from acute injury to post-surgical rehab.

Omada Health beat all key estimates in 3Q25, introduced AI-powered nutrition tool Meal Map and GLP-1 prescribing offering. The company also raised...