Two IPOs, Two Wins, Everyone Loses Their Minds—Is The IPO Market Finally Back?!

By Stocks News   |   1 month ago   |   Stock Market News
Two IPOs, Two Wins, Everyone Loses Their Minds—Is The IPO Market Finally Back?!

So going public is back, and somehow it’s not a total embarrassment. Two companies… one that wants to fix your spine without touching you, and another that slaps ads on your streaming TV with Ryan Reynolds’ face stamped on it… both ripped on their debut yesterday. That’s Hinge Health and MNTN (yes, that’s the name of the company… as if someone had a stroke mid-keyboard and filed it anyway). 

IPO Market

(Source: Giphy)

In short, Hinge Health opened 23% above its IPO price and closed up 17%, dragging its post-offering valuation over $3 billion. That’s down from a $6.2 billion private valuation in 2021, but hey, who didn’t get cut in half after that year of venture capital brain damage, amirite? The company raised about $273 million, selling the idea that digitized physical therapy is not only a real market but… actually a genius tech play. 

Their entire pitch is this: “We used to be injured, and now we’re not, so here’s some software.” And it worked. Seriously… the CEO broke his arm and leg. The co-founder blew out his ACL doing judo. And now, they’ve turned that into a billion-dollar business. Brilliant. 

IPO Market

(Source: CNBC) 

The reality though is that Hinge is trying to sell Wall Street on the idea that digital health isn’t dead… just that everyone before them was doing it wrong. They're claiming their software actually delivers care, not just coordinates it. And for now, the market is buying it. Of course… Omada’s filing is next. But if that one tanks, Hinge might retroactively get lumped in with the rest of the wreckage, but for now, it’s the chosen one. 

On the other hand, there’s MNTN, which is basically ad tech for streaming TV… but sold as if they’re curing cancer in the process. The stock opened at $21 after pricing at $16, and was up more than 14% during the first day. The company is trying to jam small and mid-sized businesses into the streaming ad market by giving them a self-serve platform called “Performance TV”... whatever that means. 

IPO Market

(Source: Fast Company) 

But, but, but… despite the skeptics, MNTN pulled in $225.6 million in revenue and lost $32.9 million while doing it LOL. Plot twist… but even still, it was better than the prior year's $53.2 million loss, so technically they’re winning. They’ve gone from 142 customers in 2019 to over 2,200 now, which is decent if you ignore the part where most ad tech companies quietly implode under the weight of their own buzzwords by year five. With that said though, the real attention magnet for MNTN here is Ryan Reynolds, who is listed as Chief Creative Officer for reasons no one has fully explained. And yet, it doesn’t matter… the man behind Mint Mobile is iconic, and investors are here for it (even though his job is probably 5% ad copy and 95% standing next to the CEO at investor roadshows so analysts don’t ask real questions). 

Meanwhile, the entire industry they’ve just entered into is already drowning in ads. Netflix, Amazon, and every other platform that used to pretend to be “premium” are now just cable with better UX. Nearly half of all subscriptions are now ad-supported. And yet, MNTN is betting that everyone from your local dentist to mid-tier DTC brands will want to serve ads on Hulu from a browser dashboard. It’s not a dumb bet, but it’s also not exactly new. The real play is convincing the market that “self-serve TV ad platform” is anything other than a less functional Google Ads for Roku.

IPO Market

(Source: Giphy) 

In the end, yes, both IPOs went fine. No immediate implosions… just good ole fashioned IPO hype. But right now, the bar is low. Meaning, the IPO market isn’t fixed. It just means someone finally priced a deal like they didn’t just snort their valuation off a SoftBank term sheet. Give it a week. If they’re still trading above water, maybe we’re allowed to hope again. Until then, enjoy the entertainment while it lasts. FYI: Hinge Health is up 3.80% on the day, while MNTN is currently mooning 13%. Bigly. 

Until next time, friends… 

IPO Market

P.S. Some fat cat executive just sold $9.4 million of their company's stock… a company, mind you, that’s single-handedly responsible for your kid’s sugar rush before 8 a.m. Curious to see why? Click here to join Stocks.News premium and get these insider transactions delivered to you on a silver platter. 

Stocks.News holds positions in Netflix and Amazon as mentioned in the article. 

Did you find this insightful?

Disclaimer: Information provided is for informational purposes only, not investment advice. We do not recommend buying or selling stocks. Stock price discussions are based on publicly available data. Readers should conduct their own research or consult a financial advisor before investing. Owners of this site have current positions in stocks mentioned thru out the site, Please Read Full Disclaimer for details Here https://app.stocks.news/page/disclaimer