Michael Hytha, Bloomberg News
(Bloomberg) Xponential Fitness Inc., the franchise owner of boutique fitness brands including Club Pilates and CycleBar, downsized its initial public offering and priced it below a marketed range to raise $120 million.
The Irvine, California-based company sold 10 million shares on Thursday for $12 each, according to a statement. Xponential earlier offered 13.3 million shares for $14 to $16.
Xponential delayed its listing plans when the coronavirus pandemic hit last year. Calling itself the largest boutique fitness franchiser in the U.S., it continued to grow through the pandemic, according to its filings with the U.S. Securities and Exchange Commission. As of March 31, it had 1,765 open studios, 294 more than at the end of 2019.
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