Xponential Fitness, Irvine, California, is offering 4.5 million shares of its Class A common stock by affiliates of existing stockholders Snapdragon Capital Partners, according to Xponential.
The stockholders intend to grant the underwriters a 30-day option to purchase up to an additional 675,000 shares of the company’s Class A common stock to be sold by the selling stockholders. Xponential will not receive any proceeds from the sale of these shares.
Upon news of the stock sale on April 4, Xponential’s stock price dropped from $23.72 at opening on April 4 to $21.76 at opening on April 5 and dropping further to $20.46 on April 6. It opened on April 7 at $21.30.
Xponential counts 10 boutique studio brands under its umbrella: Club Pilates, CycleBar, StretchLab, Row House, AKT, YogaSix, Pure Barre, STRIDE, Rumble, and BFT.
The company went public in July 2021, offering 10,000 shares of its Class A common stock at that time for $12 per share.
By comparison, the other publicly traded fitness brands are trading as follows as of open on April 7:
- Planet Fitness: $81.16
- Life Time: $14.56
- F45 Training: $10.74
In March, Xponential reported $49.4 million in fourth quarter 2021 revenue, a 78 percent increase from the same period in 2020, and $155.1 million in full-year 2021 revenue, a 45 percent increase over 2020.