With the US IPO market starting to open up again, Hinge Health, Inc. (HNGE), MNTN, Inc. (MNTN), and Kandal M Venture Limited (FMFC) are scheduled to go public next week. Here is a snapshot and in-depth comparison of these IPOs from the perspective of US investors.
IPO Profiles:
Hinge Health, Inc.
Hinge Health, Inc., a digital health company focusing on musculoskeletal care, is based in San Francisco. The company provides AI-powered remote physical therapy, pain management, and rehabilitation post-surgery via wearables. Hinge Health is set to go public on the NYSE on May 22, 2025. The company expects to sell about 13.7 million shares for $28-$32 per share, aiming for $437 million. This puts them at a projected valuation of approximately $2.42 billion. This is substantially lower than their $6.2 billion private valuation from 2021. In 2024, Hinge Health’s revenue reached $390.4 million, representing a 33% year-over-year increase, with Q1 2025 revenue showing nearly 50% year-over-year growth. The company significantly reduced its net loss from $108.1 million in 2023 to $11.9 million in 2024. The IPO demonstrates increasing investor confidence in healthcare technology, particularly remote care solutions. Lyft, Target, and General Motors are a few of Hinge Health’s major customers. Leading underwriters include Morgan Stanley, Barclays, and BofA Securities.
MNTN, Inc.
MNTN, Inc. is in Austin, an advertising technology company offering self-serve performance-targeted TV advertising. The reach of MNTN’s platform enhances traditional television advertising through digital marketing, precision targeting and post-campaign analytics. MNTN plans to go public on the NYSE on May 22, 2025, offering 11.7 million shares priced between $14 and $16, raising a targeted $175.5 million. The company’s estimated market capitalization is around $1.16 billion. MNTN reported revenue of $225.57 million in 2024. The company markets itself as having over 2,200 rapidly growing clients and boasts more than $27 billion in ad revenue facilitation since 2019. The company has gained recognition for its innovative television and digital advertising blend. Lead underwriters for this IPO include Morgan Stanley and Citigroup.
Kandal M Venture Ltd.
Kandal M Venture Limited is a contract manufacturer specializing in luxury leather handbags and accessories. This company is based in Cambodia and works with some of the leading US fashion brands. Kandal M Venture Limited plans to list on NASDAQ on May 23, 2025, offering 2 million shares at $4-$5 each with a target of $9 million. Kandal M Venture’s expected market capitalization sits at around $81 million. The company achieved revenues of $13.97 million in 2024, a 3.7% increase yearly, alongside net income of $1.12 million, a 50% increase from the prior year. This company also showed strong free cash flow while maintaining an 8% profit margin. This company is well-positioned within the luxury goods manufacturing sector with consistent profitability and steady growth.
Market Context
The accredited deals show an entire spectrum of industries garnering attention from investors in 2025, including digital healthcare, advertising technology, and even manufacturing. Hinge Health’s IPO demonstrates a renewed interest within the healthcare technology sector, especially companies focused on remote and digital services. MNTN’s offering exemplifies the growing importance of the convergence of traditional and digital advertising. At the same time, Kandal M Venture illustrates a smaller but highly profitable player within the luxury goods manufacturing economy, providing investors exposure to a niche market with consistent growth.
Summary
US investors can now invest in three distinct companies, each with unique business models and growth trajectories slated for the upcoming week. With Hinge Health, MNTN, and Kandal M Venture, US investors will have access to the expanding digital health market, gain a foothold in innovative advertising technology, and participate in the luxury manufacturing sector. The identified IPOs showcase the shift in the US capital markets and shed light on the myriad investment opportunities expected in 2025.
Upcoming IPOs (May 2025)
| Company Name | Symbol | Exchange | IPO Date | Price Range | Shares Offered | Deal Size | Market Cap | 2024 Revenue | Sector/Business |
|---|---|---|---|---|---|---|---|---|---|
| Hinge Health, Inc. | HNGE | NYSE | May 22, 2025 | $28.00–$32.00 | 13,666,000 | $409.98M | $2.42B | $390.4M | Digital musculoskeletal healthcare |
| MNTN, Inc. | MNTN | NYSE | May 22, 2025 | $14.00–$16.00 | 11,700,000 | $175.50M | $1.16B | $225.57M | Performance-based TV advertising technology |
| Kandal M Venture Limited | FMFC | NASDAQ | May 23, 2025 | $4.00–$5.00 | 2,000,000 | $9.00M | $81.00M | $13.97M | Contract manufacturer of luxury leather goods |
You may read this: Crypto, Stocks, or Gold? How Young Americans Are Investing in 2025
Information sources:
