Interactive Strength, which sells connected home fitness equipment and personal training classes, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Austin, TX-based company now plans to raise $11 million by offering 1.5 million shares at a price range of $6 to $8. The company had previously filed to offer 2 million shares at the same range. At the midpoint, Interactive Strength will raise 25% less in proceeds than previously anticipated.
Doing business under the name Forme, the company offers two connected fitness hardware products, the Forme Studio (fitness mirror) and the Forme Studio Lift (fitness mirror and cable-based digital resistance). It also offers video on-demand classes, personal training, and expert health coaching, though sales of its connected fitness hardware products have accounted for the majority of revenue to date.
Interactive Strength was founded in 2017 and booked $1 million in sales for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol TRNR. Aegis Capital Corp. is the sole bookrunner on the deal.
