22nd May 2025 15:28
(Alliance News) - IP Group PLC on Thursday said the initial public offering of investee Hinge Health Inc, which started trading in New York on Thursday morning, is priced at USD32 per share.
The London-based active investor in early stage science companies said the USD32 IPO price is at the top end of its previously announced range, which in March was forecast between USD28 and USD32.
Shares in Hinge Health, a physical therapy startup which uses software to facilitate joint and muscle healthcare, started trading on the New York Stock Exchange on Thursday morning. IP Group said the offering is expected to close on Friday.
IP Group was one of Hinge Health's founding investors. It said it has raised GBP1.0 million in initial proceeds through selling part of its stake in Hinge, and is allocating 50% of this towards its share buyback programme.
Based on Hinge's IPO price, IP Group said its remaining stake is worth GBP25.6 million. The company said it has invested under GBP1.0 million in total and realised USD15.0 million in a 2021 funding round.
"We're delighted to see such strong support for Hinge Health's IPO on the New York Stock Exchange," commented IP Group's Chief Executive Greg Smith. "IP Group backed Hinge Health CEO Dan Perez from the very beginning as he showed such entrepreneurial spirit and tenacity.
"Having made more than a 40 times multiple on our original investment, this has proven a fantastic investment for IP Group and our congratulations go to Dan, Gabriel and the team."
Shares in IP Group were down 0.9% at 43.25 pence in London on Thursday afternoon.
By Emma Curzon, Alliance News reporter
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