Eargo goes public with an upsized IPO worth $141.3 million

The company sells connected hearing devices directly to consumers.
By Mallory Hackett
11:14 am
Round Eargo device with earpieces

Photo credit: Eargo

Eargo hit the public market today with an initial public offering of about 7.9 million shares of common stock priced at $18 per share for estimated earnings of about $141.3 million.

This IPO is upsized from its original offering of about 6.7 million common stock shares priced between $14 and $16. Eargo has also granted the underwriters the option to purchase an additional 1.2 million shares at the offering price for up to 30 days.

J.P. Morgan and BofA Securities were the lead book-running managers and representatives of the underwriters. Wells Fargo Securities and William Blair were co-managers for the offering.

Eargo entered the Nasdaq Global Select Market under the symbol “EAR” and is expected to remain there until October 20, subject to satisfactory closing conditions, the company said in a statement.


Eargo sells connected hearing devices directly to consumers. Its devices sync to the Eargo app, where users can adjust their hearing preferences based on bass and treble levels or by the setting. For example, users can change the audio settings depending on whether they’re in a meeting or in a theatre.

All of its products are rechargeable and designed to be unnoticeable when they’re in use.

Additionally, Eargo offers online hearing screenings, telemedicine consultations and support to help customers find the right product for them.


The company is joining the public on the heels of a massive funding round this summer worth $71 million. Eargo is also joining several other digital health companies in going public in recent months.

Most recently, Clover went public through a merger with the special purpose acquisition company (SPAC) Social Capital Hedosophia Holdings Corp. III. The deal put Clover at an enterprise value of about $3.7 billion and expects to bring in $1.2 billion of gross proceeds.

Mail-order wellness-product service Hims also recently hit the public market through an SPAC. It merged with Oaktree Acquisition Corp. and placed the company’s valuation at roughly $1.6 billion.

Telemedicine company Amwell joined the market in September after partnering with Google. Its IPO included roughly 41.2 million shares of Class A common stock at $18 per share.

Earlier this summer, GoodRx and Nanox also became publicly traded companies.


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