Hinge Health has hired banks led by Morgan Stanley to promote its IPO, BI has learned. The startup is preparing to file a confidential S-1 in the coming weeks. Hinge Health hopes to go public in early 2025, with a planned raise of $6.2 billion.
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Healthcare startup Hinge Health has hired multiple investment banks as it prepares to privately file for an S-1 and go public, Business Insider has learned.
The physical therapy startup hired Morgan Stanley to lead the deal, along with Barclays and Bank of America, according to documents seen by BI.
Hinge Health plans to file a confidential S-1 with the SEC in the coming weeks and hopes to go public in early 2025, according to people familiar with the effort.
Hinge Health raised $600 million in a Series E round led by Tiger Global and Coatue Management in October 2021, and was last valued at $6.2 billion. The company offers virtual physical therapy for joint and muscle pain.
The startup has been aiming for a public market debut for years. Hinge Health hired Goldman Sachs and Morgan Stanley this winter for a no-deal roadshow, two people familiar with the effort told BI.
Since then, the company has strengthened its finances, including cutting 10% of its workforce in April. The startup is now cash flow positive, one of the people said.
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Hinge Health, Morgan Stanley, Barclays and Bank of America declined to comment for this story.
Hinge’s biggest rival is Sword Health, which raised $130 million in June at a $3 billion valuation and is backed by several high-profile investors including Khosla Ventures and General Catalyst.
Many healthcare startups, including Hinge and Sword, are waiting with bated breath for the IPO window to open, from mental health startup Lyra Health to health data company Datavant.
The tech IPO market has been stagnant for the past two years, with occasional signs of investor appetite, such as Reddit’s successful debut in March.
Cameron Lester, global co-head of Jefferies’ technology, media and communications investment banking, recently told Business Insider that 2025 is a strong year for many companies as they prepare to go public. “It will be,” he said.
