Fitell, an online retailer of gym and fitness equipment in Australia, filed on Friday with the SEC to raise up to $15 million in an initial public offering.
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, and represented over 85% of the company's FY22 revenue. 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 November.
The Taren Point, Australia-based company was founded in 2007 and booked $8 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol FTEL. Revere Securities is the sole bookrunner on the deal. No pricing terms were disclosed.
