Top 20 Healthcare IPOs of 2024

Shots:

• Initial Public Offerings (IPOs) serve as a strategic avenue for private healthcare companies to enhance liquidity, secure capital, and strengthen market presence. Beyond fundraising, going public often paves the way for strategic partnerships and expanded industry influence.
• Galderma led the IPO landscape in 2024, raising a staggering $2.54B, followed by BrightSpring Health Services and Concentra Group, securing $0.69 billion and $0.54B, respectively.
• Backed by DealForma’s insights, PharmaShots presents a comprehensive report on the Top 20 Healthcare IPOs of 2024, delivering key trends, funding details, and industry impact. Stay ahead with our expert analysis

20. MBX Biosciences

Funding Value: $187.7M

No. of Shares: 11.73M

Price Per Share: $16

IPO Announced Date: Aug 23, 2024

IPO Completion Date: Sep 12, 2024

Founded Year: 2018

Total Employees: 38

Headquarters: Indiana, United States

Stock Exchange: NASDAQ

• MBX Biosciences is a clinical-stage biopharmaceutical company focused on discovering and developing novel precision peptide therapies for endocrine and metabolic disorders
• Canvuparatide (MBX 2109) is the lead asset of MBX Biosciences being developed in P-II for Hypoparathyroidism
• The company generated a total of $187.7M with IPO in Sep 2024 by offering shares at $16 per share

19. ArriVent Biopharma

Funding Value: $201.2M

No. of Shares: 11.18M

Price Per Share: $18

IPO Announced Date: Jan 5, 2024

IPO Completion Date: Jan 25, 2024

Founded Year: 2021

Total Employees: 40

Headquarters: Pennsylvania, United States

Stock Exchange: NASDAQ

• ArriVent is a clinical-stage biopharmaceutical company focused on developing and commercializing differentiated medicines in oncology
• Firmonertinib is the lead asset of ArriVent and is being evaluated under P-III (FURVENT) for 1L NSCLC EGFR Exon 20 Insertion Mutations
• The company managed to generate a total of $201.2M with IPO in Jan 2024 by offering shares at $18 per share

18. Ceribell

Funding Value: $207.3M

No. of Shares: 12.19M

Price Per Share: $17

IPO Announced Date: Aug 26, 2024

IPO Completion Date: Oct 10, 2024

Founded Year: 2014

Total Employees: 240

Headquarters: California, United States

Stock Exchange: NASDAQ

• Ceribell is a commercial-stage medical technology company focused on the diagnosis and management of patients with neurological conditions
• Ceribell System is the company’s lead asset, a point-of-care electroencephalography that uses artificial intelligence to diagnose and continuously monitor neurological patients
• The company generated a total of $207.3M with IPO in Aug 2024 by offering shares at $17 per share   

17. Alumis

Funding Value: $210M

No. of Shares: 13.12M

Price Per Share: $16

IPO Announced Date: Jun 7, 2024

IPO Completion Date: Jun 27, 2024

Founded Year: 2021

Total Employees: 145

Headquarters: California, United States

Stock Exchange: NASDAQ

• Alumis is a clinical-stage biopharmaceutical company focusing on developing oral therapies for immune-mediated diseases
• ESK-001 is the lead asset of the company that is being evaluated in the P-III study for Psoriasis
• The company managed to pull in a total of $210M with IPO in Jun 2024 by offering shares at $16 per share

16. Ardent Health

Funding Value: $220.8M

No. of Shares: 13.8M

Price Per Share: $16

IPO Announced Date: Jun 21, 2024

IPO Completion Date: Jul 17, 2024

Founded Year: 2001

Total Employees: 21,400

Headquarters: Tennessee, United States

Stock Exchange: NASDAQ

• Ardent Health is a healthcare provider in midsize urban areas in the US. The organization is dedicated to investing in cutting-edge services and technologies
• Ardent Health provides services through its subsidiaries, operating a network of 30 acute care hospitals and over 200 care locations, with more than 1,700 healthcare providers spreading across six states
• The company managed to generate a total of $220.8M with an IPO in Jul 2024 by offering shares at $16 per share

15. BioAge Labs

Funding Value: $227.7M

No. of Shares: 12.65M

Price Per Share: $18

IPO Announced Date: Sep 3, 2024

IPO Completion Date: Sep 25, 2024

Founded Year: 2015

Total Employees: 59

Headquarters: California, United States

Stock Exchange: NASDAQ

• BioAge is a clinical-stage biopharmaceutical company focused on developing therapeutic product candidates for metabolic diseases
• Azelaprag, the company’s lead asset, is currently being evaluated in P-II trials for obesity 
• The company managed to collect a total of $227.7M with IPO in Sep 2024 by offering shares at $18 per share

14. Jackson Acquisition Co II

Funding Value: $230M

No. of Shares: 23M

Price Per Share: $10

IPO Announced Date: Sep 27, 2024

IPO Completion Date: Dec 12, 2024

Founded Year: 2024

Total Employees: N/A

Headquarters: Georgia, United States 

Stock Exchange: NYSE

• Jackson Acquisition is a blank cheque company that targets private healthcare services companies for acquisition and public listing 
• The company has still not announced a particular business combination nor has generated any revenue
• The company managed to pull in $230M with an IPO in Dec 2024 by offering shares at $10 per share

13. Emcure Pharmaceuticals Ltd.

Funding Value: $233.8M

No. of Shares: 19.36M

Price Per Share: $12.07

IPO Announced Date: Jul 3, 2024

IPO Completion Date: Jul 8, 2024

Founded Year: 1981

Total Employees: 10,852

Headquarters: Pune, India

Stock Exchange: NSE

• Emcure is an Indian biopharmaceutical company focused on developing and commercializing therapies for gynecology, cardiology, blood-related, oncology, respiratory, CNS & HIV 
• Elaxim and Tenectase are some of the well-known products of the company 
• The company raised a total of $233.8M with an IPO in Jul 2024 by offering shares at $12.07 per share

12. Zenas BioPharma Inc.

Funding Value: $258.7M

No. of Shares: 15.22M

Price Per Share: $17

IPO Announced Date: Aug 22, 2024

IPO Completion Date: Sep 12, 2024

Founded Year: 2019

Total Employees: 115

Headquarters: Massachusetts, United States

Stock Exchange: NASDAQ

• Zenas is a clinical-stage global biopharmaceutical company focused on developing and commercializing immunology-based therapies 
• Zenas’ lead product candidate, obexelimab is currently in a P-III study for Immunoglobin G4-related Disease (IgG4-RD)
• The company managed to pull in a total of $258.7M with IPO in Sep 2024 by offering shares at $17 per share

11. Upstream Bio Inc.

Funding Value: $293M

No. of Shares: 17.25M

Price Per Share: $17

IPO Announced Date: Sep 18, 2024

IPO Completion Date: Oct 10, 2024

Founded Year: 2021

Total Employees: 38

Headquarters: Massachusetts, United States

Stock Exchange: NASDAQ

• Upstream Bio is a biopharmaceutical company focused on developing antibody-based therapeutics for inflammation and pulmonary diseases
• Verekitug (UPB-101) is the lead asset of the company that is being assessed in the P-II study in patients with severe asthma and 12 weeks for patients with CRSwNP
• The company generated a total of $293M with IPO in Oct 2024 by offering shares at $17 per share

10. Septerna

Funding Value: $331.2M

No. of Shares: 18.4M

Price Per Share: $18

IPO Announced Date: Sep 2, 2024

IPO Completion Date: Sep 24, 2024

Founded Year: 2019

Total Employees: 73

Headquarters: California, United States

Stock Exchange: NASDAQ

• Septerna is a biopharmaceutical company focused on developing therapeutics for endocrine, metabolic, neurologic, ophthalmic, and inflammation diseases using its proprietary Native Complex Platform
• SEP-631 (MRGPRX2) is the leading asset of Septerna which is in the early stage of development for immunology and inflammation
• The company generated a total of $331.2M with IPO in Sep 2024 by offering shares at $18 per share

9. Auna S.A.

Funding Value: $360M

No. of Shares: 30M

Price Per Share: $12

IPO Announced Date: Jan 9, 2024

IPO Completion Date: Mar 21, 2024

Founded Year: 1989

Total Employees: 14,846

Headquarters: Lima, Peru

Stock Exchange: NYSE

• Auna provides healthcare services in Spanish-speaking Latin America, including clinics, wellness centers, and insurance for cancer patients
• Auna employs a patient-centric model to offer an accessible and integrated healthcare experience using its regional network of hospitals, clinics, and healthcare plans
• The company managed to generate a total of $360M with an IPO in Mar 2024 by offering shares at $12 per share

8. Bicara Therapeutics

Funding Value: $362.2M

No. of Shares: 20.12M

Price Per Share: $18

IPO Announced Date: Aug 8, 2024

IPO Completion Date: Sep 12, 2024

Founded Year: 2018

Total Employees: 32

Headquarters: Massachusetts, United States

Stock Exchange: NASDAQ

• Bicara Therapeutics is a biopharmaceutical company focused on developing antibodies for cancer. In 2023, Biocon spun out Bicara Therapeutics
• Ficerafusp alfa (BCA101), the company’s lead asset, is currently being studied in 1L HPV-Recurrent/Metastatic Head and Neck Squamous Cell Carcinoma (HNSCC) 
• Bicara generated a total of $362.2M with IPO in Sep 2024 by offering shares at $18 per share

7. Kyverna Therapeutics

Funding Value: $366.9M

No. of Shares: 16.67M

Price Per Share: $12

IPO Announced Date: Jan 16, 2024

IPO Completion Date: Feb 7, 2024

Founded Year: 2018

Total Employees: 119

Headquarters: California, United States

Stock Exchange: NASDAQ

• Kyverna is a clinical-stage biopharmaceutical company focused on developing cell therapies for autoimmune diseases
• KYV-101 is the lead asset of Kyverna Therapeutics that is currently under the P-II study for stiff person syndrome and myasthenia gravis
• The company raised a total of $366.9M with IPO in Feb 2024 by offering shares at $12 per share.

6. Tempus AI Inc.

Funding Value: $410.7M

No. of Shares: 11.1M

Price Per Share: $37

IPO Announced Date: May 20, 2024

IPO Completion Date: Jun 13, 2024

Founded Year: 2015

Total Employees: 2,300

Headquarters: Illinois, United States

Stock Exchange: NASDAQ

• Tempus is a health tech company focused on developing precision medicine leveraging its AI system
• Tempus offers AI-driven precision medicine solutions to physicians for personalized patient care while also supporting the discovery, development, and delivery of optimal therapeutics
• The IPO ended up pulling in $410.7M in Jun 2024 by offering shares at $37 per share

5. CG Oncology

Funding Value: $437M

No. of Shares: 23M

Price Per Share: $19

IPO Announced Date: Jan 2, 2024

IPO Completion Date: Jan 24, 2024

Founded Year: 2010

Total Employees: 61

Headquarters: California, United States

Stock Exchange: NASDAQ

• CG Oncology is a late-stage clinical biopharmaceutical company focused on developing and commercializing therapeutics for bladder cancer
• Cretostimogene grenadenorepvec is the lead asset of the company that is currently being evaluated in two P-III studies for BCG unresponsive, Intermediate-Risk, and MIBC
• The company raised $437M through IPO in Jan 2024 by offering shares at $19 per share

4. PACS Group

Funding Value: $517.5M

No. of Shares: 24.64M

Price Per Share: $21

IPO Announced Date: Mar 13, 2024

IPO Completion Date: Apr 10, 2024

Founded Year: 2013

Total Employees: 32,433

Headquarters: Utah, United States

Stock Exchange: NYSE

• PACS offers post-acute healthcare facilities, professionals, and ancillary services through its subsidiaries
• PACS Group subsidiaries comprise a fast-growing national platform investing in post-acute care facilities, senior living communities, and related professionals and auxiliary services
• The company ended up raising $517.5M through IPO in Apr 2024 by offering shares at $21 per share

3. Concentra Group Holdings Parent

Funding Value: $546.3M

No. of Shares: 23.25M

Price Per Share: $23.5

IPO Announced Date: Jun 14, 2024

IPO Completion Date: Jul 24, 2024

Founded Year: 1979

Total Employees: 8,960

Headquarters: Texas, United States

Stock Exchange: NYSE

• Concentra is a service company focused on providing occupational health services to employers and patients, including urgent care, occupational medicine, physical therapy, primary care, and wellness programs
• Currently, Concentra has 547 occupational health centers in 41 states and 154 onsite health clinics at employer worksites in 37 states
•  The company managed to raise a total of $517.5M with IPO in Apr 2024 by offering shares at $21 per share

2. BrightSpring Health Services

Funding Value: $693M

No. of Shares: 53.33M

Price Per Share: $13

IPO Announced Date: Jan 2, 2024

IPO Completion Date: Jan 25, 2024

Founded Year: 1974

Total Employees: 35,000

Headquarters: Kentucky, United States

Stock Exchange: NASDAQ

• BrightSpring Health Services is a service company focused on providing complimentary home and community-based healthcare services to elderly and disabled people
• The company has 900+ locations across all service lines and holds accreditation from leading third-party national accrediting bodies
• The company managed to raise a total of $693M with IPO in Jan 2024 by offering shares at $13 per share

1. Galderma S.A.

Funding Value: $2545M

No. of Shares: 43.13M

Price Per Share: $59

IPO Announced Date: Mar 13, 2024

IPO Completion Date: Mar 22, 2024

Founded Year: 1981

Total Employees: 6,545

Headquarters: Lausanne, Switzerland

Stock Exchange: SWX

• Galderma focuses on developing and commercializing topical formulations for the treatment of dermatological diseases
• Cetaphil and Alastin are among the well-known products of Galderma
• The IPO ended up raising $2545M in Mar 2024 by offering shares at $59 per share

Sources:

• Press releases
• OANDA
• Company Websites

Related Post: Top 20 IPOs in Healthcare by Total Fund Value 2023