Healthcare has been one of the IPO market’s most resilient sectors in terms of activity, a trend we expect will continue in 2025. A plethora of biotechs are lining up to go public, including several focused on obesity. Other IPO candidates include companies which make wearable devices and medical supplies. Here are some of the healthcare companies most likely to go public in 2025.
Hinge Health: Wearable device maker Hinge Health has been waiting to go public since at least 2023, when it said it was aiming for an IPO when conditions improve. The company, last valued at over $6 billion, reportedly tapped a number of major banks last fall for a listing that could come early in 2025.
Kallyope: Within the first few weeks of 2025, a number of sizable biotechs filed for IPOs, and our private backlog suggests many more are waiting in the wings. Weight loss-focused biotech Kallyope may capitalize on recent investor interest in the field to go public. Backed by nearly half a billion dollars in funding, the unicorn reportedly hired JP Morgan for a listing last January.
Omada Health: Digital health unicorn Omada Health, which provides online programs for diabetes, hypertension, and other health conditions, has teased an IPO for nearly five years. After it reportedly confidentially filed for an IPO this past summer, 2025 could finally be the year it goes public.
Medline Industries: Private equity-owned Medline Industries ranks among the world’s largest medical supplies manufacturers. Last summer, its owners began working with banks on an IPO that could raise $5 billion, and value it at $50 billion. This past December, it announced it had confidentially filed for a listing that could come as soon as the second quarter of 2025.
Wildcards: One of the most highly-valued healthcare startups, blood test developer Freenome, might have been higher on this list if not for the abrupt resignation of its CEO last year, but the two-year high of close peer Guardant may push it to get its team in shape for a listing. Other IPO wildcards include digital health and wellness platforms Noom and Included Health.
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