The IPO market is starting to feel healthier.

Omada Health, a 14-year-old company providing virtual care for chronic conditions like diabetes and hypertension between office visits, closed its first trading day on Friday at $23 a share, a 21% jump from the IPO price of $19.

The IPO valued the company just above $1 billion (excluding employee options), a figure that’s nearly identical to Omada’s last private valuation of $1 billion set in its previous VC round. The debut is one of the first among recent IPOs that was not a so-called down-round. Many of the latest public listings, including Hinge , ServiceTitan , and Reddit , priced below their private market highs, though have faired well as public companies.

For founder and CEO Sean Duffy, the successful public offering validate

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