(Bloomberg) -- Hinge Health Inc. shares rose 17% after the digital physical therapy provider and a group of investors raised $437 million in an initial public offering priced at the top of a marketed range.

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Shares in the San Francisco-based company closed at $37.56 each on Thursday in New York, versus the IPO price of $32 apiece.

The level at the close gives Hinge Health a market value of about $2.9 billion based on the outstanding shares listed in its filings, not including preferred stock that could convert to common shares. It has a fully diluted value of about $3.4 billion when taking employee options and restricted share units into account.

The company and backers including Tiger Global Management and Insight Partners sold about 13.7 million shares in aggregate after having offered them for $28 to $32 each.

Also on Wednesday, connected TV advertising platform MNTN Inc. and some of its shareholders raised $187 million in an IPO, also priced at the top.

Hinge Health’s offering stands in contrast to the manual delivery of most health care, said Daniel Perez, the company’s co-founder and chief executive officer.

“95% of the platform is automated, but if people want to talk to a therapist, they can too,” Perez said in an interview with Bloomberg News.

Hinge Health had net income of $17 million on revenue of $124 million in the first three months of 2025, compared with a net loss of $26 million from revenue of $83 million in the same period a year earlier, its regulatory filings show.

The company raised $400 million at a $6.2 billion valuation in a 2021 round led by Tiger and Coatue Management, Bloomberg News reported at the time. Its backers also include Atomico, 11.2 Capital and Bessemer Venture Partners.

Insight Partners was set to hold about 19% of the voting power in the company after the offering, while Atomico would control nearly 14%, the filing shows. Co-founders Perez and Gabriel Mecklenburg were poised to control about 18% and 7% respectively.

Founded in 2014, Hinge Health helps people who have back or joint pain complete physical therapy from their homes. The company uses AI-powered motion-tracking software to monitor patients’ movements and give real-time audio and visual feedback.

Hinge Health had more than 2,250 clients as of December 2024, giving about 20 million people access to the platform, the filings show. The company has raised over $800 million in private capital, according to data provider PitchBook.

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The offering was led by Morgan Stanley, Barclays Plc and Bank of America Corp. The company’s shares trade on the New York Stock Exchange under the symbol HNGE.

(Updates with stock moves at market close in first three paragraphs.)

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