Shares of Hinge Health, a digital physical therapy provider, finished their first day of trading above their IPO price but down slightly from where they opened.
Hinge, which now trades on the New York Stock Exchange using the ticker “HNGE,” had priced its initial public offering (IPO) at $32 per share, at the higher end of its estimated range of $28 to $32. The shares, opened at $39.25 before finishing at $37.56 Thursday. At its intraday high, the stock traded at over $40.
Hinge sold 8.52 million shares in the offering, raising roughly $273 million in proceeds.
The San Francisco-based company saw first-quarter net income of $17.1 million on revenue that jumped 50% year-over-year to $123.8 million, according to its prospectus filing with the Securities and Exchange Commission.
Demand of Hinge Health’s shares, along with that for those of Ryan Reynolds-based MNTN, which also debuted Thursday, could point to improving investor appetite for new listings. The market for IPOs picked up in 2024 but failed to catch up to its peak in 2021.
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