Portfolio company Hinge Health files for IPO

IP Group plc - Hinge Health files for IPO

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), which invests in breakthrough science and innovation companies with the potential to create a better future for all, is pleased to note that portfolio company Hinge Health Inc ("Hinge Health" or "the Company") has filed its IPO prospectus with the US Securities and Exchange Commission.

As the founding investor in Hinge Health, IP Group has a 1.8% holding in the Company, valued by IP Group at £34.2m as at 30 June 2024.

Headquartered in San Francisco, California, Hinge Health leverages software, including AI, to largely automate care for joint and muscle health. The company has designed its platform to address a broad spectrum of MSK care - from acute injury, to chronic pain, to post-surgical rehabilitation - and the platform can help to ease members' pain, improve their function, and reduce their need for surgeries, all while driving health equity by allowing members to engage in their exercise therapy sessions from anywhere.

Hinge Health noted that the number of shares to be offered and the price range for the proposed offering have not yet been determined. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Hinge Health intends to list its Class A common stock on the New York Stock Exchange under the ticker symbol "HNGE."

Morgan Stanley, Barclays and BofA Securities are acting as lead book-running managers for the proposed offering. Evercore ISI, RBC Capital Markets, Truist Securities, Stifel, William Blair, Piper Sandler, Canaccord Genuity, KeyBanc Capital Markets, Needham & Company, Raymond James, and KKR Capital Markets LLC are also acting as book-running managers.