Two weeks after announcing it was postponing its initial public offering (IPO) due to market conditions, YogaWorks Inc., Culver City, California, announced on Aug. 10 that it had gone public.
The company announced the pricing of its IPO of 7,300,000 shares of its common stock at a price to the public of $5.50 per share. The shares began trading on the NASDAQ Global Market on Aug. 11 under the symbol YOGA.
In addition, the underwriters have been granted a 30-day option to purchase an additional 1,095,000 shares of common stock from the company. The closing of the offering is expected to occur on Aug. 16, subject to the satisfaction of customary closing conditions.
The pricing is lower than the company initially sought in its initial July 10 announcement where it said it planned to generate $65 million offering 5 million shares at a price range of $12 to $14.
Through its YogaWorks and Yoga Tree studios, YogaWorks offers yoga classes, integrated fitness classes, workshops, teacher training programs and yoga-related retail merchandise. In addition to its studio locations, YogaWorks offers online instruction through its MyYogaWorks web platform, which provides subscribers with a curated catalog of more than 1,000 yoga and meditation classes. The company has 50 studio locations and had more than 3 million student visits in 2016.
YogaWorks is one of only four public brands in the health club space. The others are Planet Fitness, Town Sports International and ClubCorp. ClubCorp, a golf and country club brand with fitness offerings, was purchased in July by private equity firm Apollo Global Management and announced it would return to being a private company by the end of the year.