Aussie fitness chain F45 eyeing $2b valuation for NY stock exchange

A fitness company in Australia and backed by Hollywood actor Mark Wahlberg, are looking to list it on the stock exchange.

One of Australia’s most visited gyms, F45 Training Holdings, could be worth a whopping $2 billion.

The Australian company, which prides itself on its high intensity interval training (HIIT) fitness regimes, is looking to list on the New York stock exchange.

In its initial public offering, F45 was eyeing up a valuation of US$1.5 billion ($A2 billion).

F45 said on Wednesday it was aiming to sell about 20.3 million shares priced between $15 and $17 apiece to raise up to $345 million (A$460 million).

The gym was founded in 2013 in Australia and now has more than 1,500 studios, with about 2,800 franchises in 63 countries.

Hollywood star Mark Wahlberg took a special interest in the company in 2018, after taking his first class and then successfully requesting for a minority stake in the company.

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Hollywood superstar Mark Wahlberg is a fan of F45.

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The company’s move into the stock exchange comes months after terminating a merger.

F45 agreed in June last year to merge with Crescent Acquisition, a special purpose acquisition company, but later cancelled the deal as the COVID-19 pandemic shut several of its studios.

About 1.6 million shares in the IPO are being offered by the selling stockholder, the proceeds of which would not go to the company.

It posted an 11 per cent drop in revenue for past year, with its net loss widening to $33.7 million from a loss of $16.8 million a year earlier.

About 86 per cent of the company’s total studios were open as of March 31, according to its filing.

The high-intensity interval training gym has spread to 63 countries.

The company is seeking to list on the New York Stock Exchange and will trade under the ticker symbol “FXLV.”

Goldman Sachs and JPMorgan are the lead underwriters for the offering.

This article originally appeared in The New York Post and was reproduced here with permission.

Originally published as Aussie fitness chain F45 eyeing $2b valuation for NY stock exchange