Two sizable IPOs are scheduled to price in the week ahead.
Digital health company Hinge Health (HNGE) plans to raise $410 million at a $2.9 billion market cap. Hinge leverages software to largely automate care for joint and muscle health. In addition to its tech platform, the company has also developed AI-powered motion tracking technology and a proprietary FDA-cleared wearable device. Hinge has delivered solid growth and improving margins, though it’s historically unprofitable with a $500+ million deficit.
Adtech MNTN (MNTN) plans to raise $176 million at a $1.3 billion market cap. MNTN's self-serve Performance TV (PTV) software platform allows marketers to combine the format of TV advertising with the capabilities of paid search and social advertising. The company has grown its customer base at a 73% CAGR since 2019 but operates in a highly competitive and rapidly evolving space.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Hinge Health (HNGE) San Francisco, CA | $410M $2,935M | $28 - $32 13,666,000 | Morgan Stanley Barclays |
| Platform that automates physical therapy and care for musculoskeletal disorders. | |||
| MNTN (MNTN) Austin, TX | $176M $1,327M | $14 - $16 11,700,000 | Morgan Stanley Citizens |
| Offers a targeted, performance-based adtech platform for connected TVs. | |||
Street research is expected for three companies in the week ahead, and two lock-up periods will be expiring. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 5/15/2025, the Renaissance IPO Index was up 0.6% year-to-date, while the S&P 500 was up 1.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Arm Holdings (ARM). The Renaissance International IPO Index was up 11.3% year-to-date, while the ACWX was up 12.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
