MW Two software companies are going public. The IPO market is getting up off the mat.

By Steve Gelsi

Joint- and muscle-pain specialist Hinge Health raises $437 million, while marketing software maker MNTN draws in $187 million

Initial public offerings from Hinge Health Inc. and MNTN Inc. both priced at the top of their estimated ranges in a bullish sign for the two deals, as the market for initial public offerings continues to gear up after an absence of deals in recent weeks.

Hinge Health $(HNGE)$, which makes a device that eases muscle and joint pain as well as software to treat musculoskeletal issues, raised $437 million.

The company priced 13.67 million shares at $32 a share, the top of the estimated price range of $28 to $32 a share, with lead underwriters Morgan Stanley, Barclays and BofA Securities.

MNTN Inc. $(MNTN.UK)$, which makes marketing software aimed at streaming services such as Netflix Inc. $(NFLX)$ and Amazon.com Inc. $(AMZN)$, drew in $187 million by offering 11.7 million shares at $16 a share.

The Austin, Texas, company priced its IPO at the top of its $14 to $16 range with lead underwriters Morgan Stanley, Citigroup and Evercore ISI.

The two IPOs come just a few days after stock and crypto-trading company eToro Group Ltd. (ETOR) raised $620 million at an IPO price of $52 a share for trading on May 15. The stock closed at $66.12 on Wednesday.

With the strong performance from eToro, Hinge Health and MNTN are debuting on more solid ground despite continued volatility in the stock market.

Also read: Newly issued eToro shares jump in Nasdaq debut. It's a bullish sign for IPOs.

-Steve Gelsi

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May 22, 2025 09:01 ET (13:01 GMT)

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