Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Omada Health is expected to IPO this week. The company’s amended prospectus puts the expected price range per share at $18 to $20, implying a market cap of ~$1.1B.</li>
<li>Omada Health is a virtual-first healthcare provider, supporting people with chronic conditions: prediabetes, diabetes (T2D), hypertension, obesity and musculoskeletal.</li>
<li>A digital care provider stayed private for longer. Its direct competitor, Livongo Health, went public in 2019 and was acquired by Teladoc Health for ~$18.5B in 2020.</li>
</ul>


Omada Health is expected to IPO this week. The company’s amended prospectus puts the expected price range per share at $18 to $20, implying a market cap of ~$1.1B.
Omada Health is a virtual-first healthcare provider, supporting people with chronic conditions: prediabetes, diabetes (T2D), hypertension, obesity and musculoskeletal.
A digital care provider stayed private for longer. Its direct competitor, Livongo Health, went public in 2019 and was acquired by Teladoc Health for ~$18.5B in 2020.


Omada Health IPO: Stayed Private For Longer, Modest Upside Potential

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

<ul>
<li>The valuation of the company based on Q1 2025 revenues is between 5-6x sales which we find attractive versus peers.</li>
<li>Revenue increased  by 57% from $35.1 million to $55.0 million for the three months ended March 31, 2024 and 2025, respectively. </li>
<li>After a handful of days of marketing the IPO, we are hearing from our sources that the books are multiple-times oversubscribed.</li>
</ul>


The valuation of the company based on Q1 2025 revenues is between 5-6x sales which we find attractive versus peers.
Revenue increased  by 57% from $35.1 million to $55.0 million for the three months ended March 31, 2024 and 2025, respectively. 
After a handful of days of marketing the IPO, we are hearing from our sources that the books are multiple-times oversubscribed.


Omada Health (OMDA): Virtual Healthcare Provider Gains IPO Momentum Behind Success of Peer

<ul>
<li>After the success of Hinge Health, Omada Health is now testing the IPO waters. </li>
<li>Omada Health set terms with the SEC on Thursday morning for its IPO and will offer 7.9mm shares at $18-$20 with a debut date of Friday, June 6th. </li>
<li>The size of the transaction is manageable and the company is backed by major VC players in the industry. </li>
</ul>


After the success of Hinge Health, Omada Health is now testing the IPO waters. 
Omada Health set terms with the SEC on Thursday morning for its IPO and will offer 7.9mm shares at $18-$20 with a debut date of Friday, June 6th. 
The size of the transaction is manageable and the company is backed by major VC players in the industry. 


Omada Health (OMDA): Second Virtual Healthcare Provider Ready to Test the IPO Market

<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

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)

Omada Health IPO: Stayed Private For Longer, Modest Upside Potential

Omada Health, a virtual healthcare provider for chronic conditions, set to IPO with expected price range of $18 to $20 per share, aiming for a...

Andrei Zakharov

Omada Health (OMDA): Virtual Healthcare Provider Gains IPO Momentum Behind Success of Peer

Company's valuation based on Q1 2025 revenues is attractive at 5-6x sales, with revenue increasing by 57% and IPO books reported as oversubscribed.

IPO Boutique

Omada Health (OMDA): Second Virtual Healthcare Provider Ready to Test the IPO Market

Omada Health, backed by some highly notable VCs, set terms for IPO offering 7.9mm shares at $18-$20, debuting on June 6th.

IPO Boutique

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

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Omada Health IPO: Stayed Private For Longer, Modest Upside Potential

​Omada Health, a virtual healthcare provider for chronic conditions, set to IPO with expected price range of $18 to $20 per share, aiming for a...

Andrei Zakharov

Omada Health (OMDA): Virtual Healthcare Provider Gains IPO Momentum Behind Success of Peer

​Company's valuation based on Q1 2025 revenues is attractive at 5-6x sales, with revenue increasing by 57% and IPO books reported as oversubscribed.

IPO Boutique

Omada Health (OMDA): Second Virtual Healthcare Provider Ready to Test the IPO Market

​Omada Health, backed by some highly notable VCs, set terms for IPO offering 7.9mm shares at $18-$20, debuting on June 6th.

IPO Boutique

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

Omada Health, a virtual healthcare provider for chronic conditions, set to IPO with expected price range of $18 to $20 per share, aiming for a...

Company's valuation based on Q1 2025 revenues is attractive at 5-6x sales, with revenue increasing by 57% and IPO books reported as oversubscribed.

Omada Health, backed by some highly notable VCs, set terms for IPO offering 7.9mm shares at $18-$20, debuting on June 6th.

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.