Mindbody, which offers cloud-based business management software for fitness and beauty SMBs, announced terms for its IPO on Monday.
The San Luis Obispo, CA-based company plans to raise $100 million by offering 7.2 million shares at a price range of $13 to $15. At the midpoint of the proposed range, it would command a fully diluted market value of $568 million.
E-commerce IPO Shopify went public two weeks ago, and trades 61% above its offer price.
Mindbody, which was founded in 2001 and booked $77 million in sales for the 12 months ended March 31, 2015, plans to list on the NASDAQ under the symbol MB. Morgan Stanley, Credit Suisse and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of June 15, 2015.
