Xponential Fitness, a roll-up of franchised boutique fitness brands with over 1,750 studios in North America, raised $120 million by offering 10 million shares at $12, below the range of $14 to $16. The company offered 3.3 million fewer shares than anticipated.
Xponential Fitness states that it is a curator of leading boutique fitness brands across multiple verticals, and the largest boutique fitness franchisor in the US with over 1,750 studios operating across nine distinct brands. Its diversified portfolio spans a variety of fitness and wellness verticals, including Pilates, barre, cycling, stretch, rowing, yoga, boxing, dance, and running. Across its system, over 850,000 unique consumers completed nearly 20 million in-studio, live stream and virtual workouts in 2020.
Xponential Fitness plans to list on the NYSE under the symbol XPOF. BofA Securities, Jefferies, Morgan Stanley, Guggenheim Securities, Citi, and Piper Sandler acted as joint bookrunners on the deal.
