Mark Wahlberg-backed fitness group F45 plots $1.5bn IPO
F45, the fitness chain backed by Hollywood hardman Mark Wahlberg, is seeking a valuation of more than $1.5bn (£1bn) in a US stock market float.
The company, which was founded in Australia but is based in Texas, is plotting an initial public offering on the New York Stock Exchange after cashing in on the growing popularity of fitness classes.
F45 today said it was aiming to sell about 20.3m shares priced between $15 and $17 each to raise roughly $345m.
About 1.6m shares in the IPO are being offered by the selling stockholder, the proceeds of which would not go to the company.
It comes months after F45 cancelled its merger with a blank-cheque company as it looked to go public through the increasingly popular special purpose acquisition company (Spac) route.
In June last year it agreed a merger with a Spac named Crescent Acquisition, but later scrapped the deal after the pandemic shut several of its studios.
F45, which was founded in 2013, now has more than 1,500 studios and roughly 2,800 franchises in 63 countries.
However, it has been hit by closures during the pandemic and last year posted an 11 per cent decline in revenue, while its net loss ballooned from $12.6m to $25.3m.
Around 86 per cent of its studios were open as of 31 March, according to its filing.
Goldman Sachs and JP Morgan are the lead underwriters on the IPO.