F45 co-founder Adam Gilchrist’s shares in the fitness empire hit $470m on New York Stock Exchange debut
Adam Gilchrist is set to join the nation’s wealthiest people after the successful float of his fitness empire on the New York Stock Exchange.
The co-founder of fitness chain F45 looks headed for the ranks of The List — Australia’s Richest 250, after the company’s successful float on the New York Stock Exchange on Thursday night.
Adam Gilchrist, who started the business with Rob Deutsch in 2013, later attracted investors such as Hollywood star Mark Wahlberg to the fast fitness franchise.
Forty-year-old Gilchrist, who shares the same name as the former Australian cricket star, is F45’s chief executive and a large shareholder.
His shares were worth about $470m after the market closed on Friday morning, putting him above the cut-off mark for this year’s edition of The List.
Mr Gilchrist also owns several properties in Sydney.
F45 shares initially opened at $US17 after a $US325m ($460m) initial public offering to give it market capitalisation of about $2bn.
The shares rose as much as 11 per cent during the first day’s trading on the NYSE before falling later in the day.
Mr Wahlberg was part of a group of investors who sold about 20m shares for $US16 each. The shares closed at $US16.20.
The F45 fitness franchise has more than 1500 outlets around the world and is now based in Austin, Texas. It reportedly made a net loss of $US37m on $18m revenue in the first three months of 2021.
The franchise group, which runs 45-minute high intensity interval training classes and started out of Sydney’s Paddington in 2013.
Now based in Austin, Texas, the group has laid out its ambitious plans to expand its studio footprint in the US and the rest of the world, targeting similar per capita rates as Australia.
As part of the expansion, F45 has said it is actively pursuing partnerships with major universities and hospitality operations, corporations and military facilities and advancing concepts for older athletes such as Malibu Crew or Avalon House for men and women over 50 respectively.
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