F45 Training Holdings Inc. plans to offer 18.75 million shares in its initial public offering at a projected price range of $15 and $17. At that range, the fitness franchisor would be valued between $1.45 billion to $1.54 billion.
The company originally filed its S-1 filing in late June without listing a proposed share price or amount of shares to be sold.
F45 offers a fitness program in-studio and at-home with workout sessions lasting 45 minutes. Actor and producer Mark Wahlberg and FOD Capital LLC, a family office investment fund, took a minority stake in F45 in March 2019, leveraging the celebrity investors’ millions of social media followers. Other names tied to the company include Earvin “Magic” Johnson, Jr., David Beckham and Cindy Crawford.
F45 Training intends to sell about 18.75 million shares, raising about $275.9 million. It plans to use $190.7 million of the earnings from the IPO to repay debt, $2.5 million to pay employee bonuses, $25 million to pay the purchase price for its acquisition of certain assets of Flywheel indoor cycling chain, and $5.6 million to pay expenses incurred in connection with the IPO, according to the filing. Any remaining money will go to working capital and general corporate purposes.
MGIW, which is 26 percent owned by Wahlberg, who also owns an F45 franchise, plans to sell about 1.6 million shares.
F45 will trade on the New York Stock Exchange under the symbol “FXLV.” Goldman Sachs and J.P. Morgan are the lead underwriters in a syndicate of seven banks.
F45 Training was founded in 2013 in Australia and has grown to more than 1,500 studios with 2,800 franchises in 63 countries.
Photo courtesy F45 Training/Mark Wahlberg
