Fitell, an online retailer of gym and fitness equipment in Australia, lowered the proposed deal size for its upcoming IPO on Monday.
The Taren Point, Australia-based company now plans to raise $15 million by offering 3 million shares at a price range of $4 to $6. The company had previously filed to offer 4 million shares (25% secondary) at the same range. At the revised terms, Fitell will raise -25% less in proceeds than previously anticipated and command a market value of $56 million.
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 June 2023.
Fitell was founded in 2007 and booked $6 million in revenue for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol FTEL. Revere Securities and R.F. Lafferty & Co. are the joint bookrunners on the deal.
