Mindbody Inc., San Luis Obispo, California, has filed a registration statement with the Securities and Exchange Commission (SEC) for a proposed initial public offering of its common stock, the company announced yesterday. The number of shares to be sold and the price range for the proposed offering have not yet been determined.
Mindbody, which offers software for fitness facilities, plans to raise up to $100 million, according to the filing. The company's 2014 revenue was $70 million, which was a 44 percent increase over 2013. Its first quarter 2015 revenue was $22.3 million (a 42 percent increase over first quarter 2014). The company had a net loss of $24.6 million in 2014 and a net loss of $7.9 million in first quarter 2015.
Mindbody has more than 42,000 business subscribers in 124 countries and employs 250,000 people, who service more than 24 million consumers, the filing noted.
The form also noted that a study by Frost and Sullivan estimates the business management software market targeting wellness businesses could be $9.5 billion this year with the expectation that it would grow to $15.3 billion in 2018. Mindbody estimated that it had 1 percent of the market.
Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC and UBS Securities LLC will act as joint book-running managers for the offering. Pacific Crest Securities, a division of KeyBanc Capital Markets Inc., and JMP Securities LLC will act as co-managers for the offering.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective.