US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

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Shoulder Innovations / Equity Capital Markets

<ul>
<li>The stock priced a full-size deal of five million shares at $15.00 ($4 below the prevailing $19-$21 range) and opened at $15.60. </li>
<li>According to our sources, the deal was reportedly multiple-times oversubscribed with several anchor orders from mutual fund and sector-dedicated funds.</li>
<li>We think this deal was placed and priced well. Furthermore, the small deal size assisted in getting this company a small premium at first trade.</li>
</ul>


The stock priced a full-size deal of five million shares at $15.00 ($4 below the prevailing $19-$21 range) and opened at $15.60. 
According to our sources, the deal was reportedly multiple-times oversubscribed with several anchor orders from mutual fund and sector-dedicated funds.
We think this deal was placed and priced well. Furthermore, the small deal size assisted in getting this company a small premium at first trade.


Shoulder Innovations, Inc. (SI): MedTech Implant Company Priced Well-Below Range, Opens 4% Higher

<ul>
<li>For the three months ended June 30, 2025, they expect net revenue to be between $10.8 million and $11.2 million, compared to $8.3 million for the same period in 2024.</li>
<li>Channel checks from our sources revealed that the deal is being classified as well-oversubscribed. The books are scheduled to close Tuesday at 4pm ET.  </li>
<li>We like the risk-reward profile of this deal and see solid upside in this deal at this time. </li>
</ul>


For the three months ended June 30, 2025, they expect net revenue to be between $10.8 million and $11.2 million, compared to $8.3 million for the same period in 2024.
Channel checks from our sources revealed that the deal is being classified as well-oversubscribed. The books are scheduled to close Tuesday at 4pm ET.  
We like the risk-reward profile of this deal and see solid upside in this deal at this time. 


Shoulder Innovations, Inc. (SI): Small MedTech Implant Company Gaining IPO Interest

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Shoulder Innovations Inc., a pure-play shoulder arthroplasty device company, is expected to IPO soon. </li>
<li>The company’s amended S-1 puts the initial price range per share at $19.00 to $21.00, implying a market cap of ~$450M at midpoint on a fully-diluted basis.  </li>
<li>I have a positive view of Shoulder Innovations IPO and see upside vs. IPO price due to the company’s superior growth profile, industry-leading gross margins and capital efficient technology.</li>
</ul>


Shoulder Innovations Inc., a pure-play shoulder arthroplasty device company, is expected to IPO soon. 
The company’s amended S-1 puts the initial price range per share at $19.00 to $21.00, implying a market cap of ~$450M at midpoint on a fully-diluted basis.  
I have a positive view of Shoulder Innovations IPO and see upside vs. IPO price due to the company’s superior growth profile, industry-leading gross margins and capital efficient technology.


Shoulder Innovations IPO (SI.US): Expect Upside Vs. IPO Price Due To Superior Growth Profile

<ul>
<li>Shoulder Innovations will be offering 5.0mm shares at $19-$21 and to debut on July 31st.</li>
<li>The underwriters have reserved up to 6% of the shares of common stock offered through a directed share program. </li>
<li>The sector had a surprise underperformance from CarlsMed this week and will be looking to rebound with this upcoming IPO. </li>
</ul>


Shoulder Innovations will be offering 5.0mm shares at $19-$21 and to debut on July 31st.
The underwriters have reserved up to 6% of the shares of common stock offered through a directed share program. 
The sector had a surprise underperformance from CarlsMed this week and will be looking to rebound with this upcoming IPO. 


Shoulder Innovations, Inc. (SI): Another MedTech to Test the Market, Sets Terms for July 31 IPO

<ul>
<li>Shoulder Innovations Inc., high-growth and pure-play shoulder arthroplasty device company, filed for an IPO in the United States.</li>
<li>Their flagship product, InSet Glenoid, is the first and only FDA cleared device that solves glenoid loosening. The company has raised ~$115M in equity according to the S-1.</li>
<li>I believe there is good near-term visibility for growth as Shoulder Innovations drives commercial expansion and achieves greater domestic reach.</li>
</ul>


Shoulder Innovations Inc., high-growth and pure-play shoulder arthroplasty device company, filed for an IPO in the United States.
Their flagship product, InSet Glenoid, is the first and only FDA cleared device that solves glenoid loosening. The company has raised ~$115M in equity according to the S-1.
I believe there is good near-term visibility for growth as Shoulder Innovations drives commercial expansion and achieves greater domestic reach.


Shoulder Innovations IPO Preview: Seeing Value In InSet Glenoid Technology and Disruptive Ecosystem

United States

Shoulder Innovations, LLC manufactures medical devices. The Company offers shoulder replacement systems, as well as glenoid technology fixation solution for anatomic shoulder arthroplasty. Shoulder Innovations serves customers in the State of Michigan.

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Shoulder Innovations (SI US)

Shoulder Innovations, Inc. (SI): MedTech Implant Company Priced Well-Below Range, Opens 4% Higher

Stock priced below range at $15, oversubscribed deal opens at $15.60 with anchor orders, placed and priced well with small deal size getting...

IPO Boutique

Shoulder Innovations, Inc. (SI): Small MedTech Implant Company Gaining IPO Interest

Expecting significant revenue growth for the second quarter of 2025, with a well-oversubscribed deal showing promising upside potential.

IPO Boutique

Shoulder Innovations IPO (SI.US): Expect Upside Vs. IPO Price Due To Superior Growth Profile

Shoulder Innovations, a shoulder arthroplasty device company, is ready to complete IPO. I like the company's top line growth profile, industry...

Andrei Zakharov

Shoulder Innovations, Inc. (SI): Another MedTech to Test the Market, Sets Terms for July 31 IPO

Shoulder Innovations set to debut on July 31st with 5.0mm shares priced at $19-$21, underwriters reserve 6% for directed share program to rebound...

IPO Boutique

Shoulder Innovations IPO Preview: Seeing Value In InSet Glenoid Technology and Disruptive Ecosystem

Shoulder Innovations Inc., a high-growth medical device company, files for IPO in the United States. The company demonstrates early commercial...

Andrei Zakharov

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52-week Range

Market Cap (USDm)

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Shoulder Innovations, Inc. (SI): MedTech Implant Company Priced Well-Below Range, Opens 4% Higher

​Stock priced below range at $15, oversubscribed deal opens at $15.60 with anchor orders, placed and priced well with small deal size getting...

IPO Boutique

Shoulder Innovations, Inc. (SI): Small MedTech Implant Company Gaining IPO Interest

​Expecting significant revenue growth for the second quarter of 2025, with a well-oversubscribed deal showing promising upside potential.

IPO Boutique

Shoulder Innovations IPO (SI.US): Expect Upside Vs. IPO Price Due To Superior Growth Profile

Shoulder Innovations, a shoulder arthroplasty device company, is ready to complete IPO. I like the company's top line growth profile, industry...

Andrei Zakharov

Shoulder Innovations, Inc. (SI): Another MedTech to Test the Market, Sets Terms for July 31 IPO

​Shoulder Innovations set to debut on July 31st with 5.0mm shares priced at $19-$21, underwriters reserve 6% for directed share program to rebound...

IPO Boutique

Shoulder Innovations IPO Preview: Seeing Value In InSet Glenoid Technology and Disruptive Ecosystem

​Shoulder Innovations Inc., a high-growth medical device company, files for IPO in the United States. The company demonstrates early commercial...

Andrei Zakharov

Stock priced below range at $15, oversubscribed deal opens at $15.60 with anchor orders, placed and priced well with small deal size getting...

Expecting significant revenue growth for the second quarter of 2025, with a well-oversubscribed deal showing promising upside potential.

Shoulder Innovations set to debut on July 31st with 5.0mm shares priced at $19-$21, underwriters reserve 6% for directed share program to rebound...

Shoulder Innovations Inc., a high-growth medical device company, files for IPO in the United States. The company demonstrates early commercial...