Fitell, an online retailer of gym and fitness equipment in Australia, raised the proposed deal size for its upcoming IPO on Wednesday.
The Taren Point, Australia-based company now plans to raise $17 million by offering 3 million shares at a price range of $5 to $6. The company had previously filed to offer the same number of shares at a range of $4 to $6. At the midpoint of the revised range, Fitell will raise 10% more in proceeds than previously anticipated.
Through its subsidiary GD Wellness, the company markets and sells fitness equipment and related products, primarily through three proprietary brands. The brands span products such as weights, bars, power racks, benches, and gym machines. The company also offers turnkey solutions for personal training studios and commercial gym chains, and is currently developing smart fitness equipment, with commercial launch expected in June 2023.
Fitell was founded in 2007 and booked $6 million in sales for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol FTEL. Revere Securities and R.F. Lafferty & Co. are the joint bookrunners on the deal.
