F45 Training, a global tech-enabled fitness franchise offering 45-minute workouts, announced terms for its IPO on Wednesday.
The Austin, TX-based company plans to raise $325 million by offering 20.3 million shares (8% insider) at a price range of $15 to $17. New investor Caledonia has indicated an interest in purchasing up to $100 million worth of shares in the offering (31% of the deal). At the midpoint of the proposed range, F45 Training would command a fully diluted market value of $1.5 billion.
F45 Training offers fun, effective, and community-driven functional workouts that combine elements of high-intensity interval, circuit, and functional training exercises. The company's in-studio experience is powered by a database of over 3,900 unique training movements and a team of instructional trainers. As of March 31, 2021, the company had 2,247 Total Franchises Sold in 63 countries, including 1,487 Total Studios, of which 1,286 had re-opened following temporary COVID-19 closures.
F45 Training was founded in 2013 and booked $76 million in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol FXLV. Goldman Sachs, and J.P. Morgan are the joint bookrunners on the deal. It is expected to price during the week of July 12, 2021.
