The IPO Buzz: Hinge Health & MNTN Share the Stage in Late May

Hinge Health, Inc. (HNGE Proposed), an AI-driven provider of remote physical therapy, and MNTN, Inc. (MNTN Proposed), a Connected TV software company whose chief creative officer is the actor Ryan Reynolds of “Deadpool” fame, share the IPO stage during the week of May 19, 2025.  These two deals – Hinge Health and MNTN – aim to raise$585.5 million in combined IPO proceeds  – if both are priced at the mid-points of their respective ranges. Morgan Stanley is the lead left book-runner of both IPOs. Both are New York Stock Exchange listings – set to price Wednesday night, May 21, 2025, to trade Thursday, May 22nd.

The rest of this week’s IPO Calendar consists of exceptionally small IPOs.  OFA Group (OFAL Proposed) of Hong Kong, with R.F. Lafferty & Co. as the sole book-runner,  plans to raise $15.12 million with the pricing of its IPO – 3.36 million shares at an assumed IPO price of $4.50 per share – on Monday night, May 19, 2025. This deal – a NASDAQ listing –  is a carry-over from last week. OFA Group’s operating subsidiary, Office for Fine Architecture Limited, provides comprehensive architectural services, including design and fit-out services for commercial and residential buildings. (Please see the IPO Calendar for the three other small deals that may get priced sometime this week.)

Hinge Benefits

Hinge Health, Inc. (HNGE Proposed) of San Francisco uses AI and other software to mostly automate its physical therapy services to help people recover from an acute injury, manage chronic pain or complete their post-surgical rehabilitation, the prospectus said. The company’s technology and platform make it possible for patients to engage in their exercise therapy sessions from anywhere – monitored by its AI-supported care team of licensed physical therapists, physicians and board-certified health coaches. Hinge Health was founded in 2012.

Morgan Stanley, Barclays and BofA Securities are the lead joint book-runners of Hinge Health’s IPO.

Hinge Health is offering 13.7 million shares at a price range of $28 to $32 to raise $409.98 million – if priced at the $30 mid-point of its range – at a market cap of $2.34 billion.

Of the 13.7 million shares in the IPO, Hinge Health is offering 8.52 million shares and the selling shareholders are offering 5.14 million shares. Hinge Health will not receive any proceeds from the sale of the selling stockholders’ shares.

In the prospectus, Hinge Health said it uses its AI-powered motion tracking technology called TrueMotion and its proprietary FDA-cleared wearable device called Enso to work with its AI-supported “human care team” to provide “scalable and personalized MSK (musculoskeletal) care.”

As of Dec. 31, 2024, Hinge Health had more than 2,250 clients, including 42 percent of the Fortune 500 companies, and more than 532,000 members, the prospectus said.

Hinge Health is not profitable. For the 12 months that ended Dec. 31, 2024, Hinge Health reported a net loss of  $11.9 million on revenue of $390.4 million, the prospectus said.

MNTN Eyes Performance Marketing Mountain-Top

MNTN, Inc. (MNTN Proposed) of Austin, Texas, is a Connected TV company that wants to become a next-generation performance marketing channel. Hollywood A-lister Ryan Reynolds of “Deadpool” fame is MNTN’s chief creative officer. The company was founded in 2009.

BlackRock, a principal shareholder, has indicated an interest in buying up to $30 million of stock in the IPO – or about 17 percent of the deal, according to the prospectus.

Morgan Stanley, Citigroup and Evercore ISI are leading the joint book-runners’ team for MNTN, Inc.’s IPO.

MNTN Inc. is offering 11.7 million shares at a price range of $14 to $16 to raise $175.5 million – if priced at the $15 mid-point of its range – at a market cap of about $1.16 billion.

In the prospectus, MNTN said: “Our revolutionary Performance TV (“PTV”) software platform allows marketers to combine the powerful storytelling format of TV advertising with the targeting, measurement and attribution capabilities of paid search and social advertising. Our self-serve software platform enables marketers to precisely target audiences through our MNTN Matched technology and then directly attribute each view to a purchase or other action. Marketers can set performance goals, such as return on ad spend (“ROAS”), and our algorithms continuously optimize a campaign to achieve those goals.”

The number of MNTN’s Performance TV customers rose to 2,225 in 2024 – up from only 142 in 2019, according to the prospectus.

MNTN, Inc. is not profitable. For the year that ended Dec. 31, 2024, MNTN, Inc. reported a net loss of 32.7 million on revenue of $225.57 million.

(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com  website.) Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the  shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.