YogaWorks, which operates 50 yoga studios in major US metropolitan markets, lowered the proposed deal size for its upcoming IPO on Thursday.
The Culver City, CA-based company now plans to raise $44 million by offering 7.3 million shares at a price range of $5.50 to $6.50. Insiders intend to purchase $15 million worth of shares in the offering, up 50% from $10 million. The company had previously filed to offer 5 million shares at a range of $12 to $14. At the midpoint of the revised range, YogaWorks will raise -33% less in proceeds than previously anticipated.
YogaWorks was founded in 1987 and booked $54 million in sales for the 12 months ended March 31, 2017. It plans to list on the Nasdaq under the symbol YOGA. Cowen & Company, Stephens Inc. and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price tonight.
