Shoulder Innovations, Inc.

Shoulder Innovations, Inc. (SI) priced its initial public offering on Aug 1, 2025 at $15.00 per share, below its $19.00–$21.00 range, raising $75M, and listed on NYSE. At the IPO price its market capitalization was about $303.4M. Morgan Stanley was lead-left underwriter, joined by Goldman Sachs, Piper Sandler and Jefferies and others. Latham & Watkins advised the company and Cooley advised the underwriters.

SHOULDER INNOVATIONS, INC. is a commercial-stage medical technology company focused exclusively on shoulder surgical care. It offers implant systems for shoulder arthroplasty, supported by preoperative planning, instrument systems and surgeon collaboration.

Status

IPO

Ticker

SI

Exchange

NYSE

Priced

Aug 1, 2025

IPO price

$15.00

Price range

$19.00–$21.00

Raised

$75M

Market cap at IPO price

$303.4M

First filed

Jul 7, 2025

Underwriters

Morgan Stanley, Goldman Sachs, Piper Sandler, Jefferies and BTIG

Company counsel

Latham & Watkins

Underwriters' counsel

Cooley

Sector

Healthcare

Country / state

MI

Market cap at IPO price = shares outstanding after the offering (all classes, before the over-allotment option) × the IPO price, from the final prospectus.