Xponential Fitness, Irvine, California, began trading as a public company on the New York Stock Exchange (NYSE) on July 23 in an initial public offering (IPO), the company announced. Its intention is to raise $120 million from the IPO.
Xponential owns nine boutique studio brands that include Club Pilates, Pure Barre and Cyclebar. It now trades under the symbol XPOF.
The company offered 10,000 shares of its Class A common stock at a public offering price of $12 per share, which is lower than the $14 to $16 per share it originally announced. Xponential Fitness has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of Class A common stock at the IPO price, less the underwriting discount.
On the day of the IPO, Xponential CEO Anthony Geisler spoke to CNBC’s Morgan Breenan, sharing more about why the company went public.
Due to the mandated closures of health clubs and studios to prevent the spread of COVID-19 in 2020 and a resulting decrease in new studio openings and merchandising revenue, system-wide sales for Xponential declined 21.2 percent for the year to $442 million. The company’s total revenue was $106.6 million, which was a decline of 17.4 percent. The company opened 240 new studios in 2020, which was 40 percent fewer than in 2019.
Xponential Fitness has 1,750 studios, most of which are franchised, across 48 states and 10 countries as of June 30, 2021. Its portfolio of brands are Club Pilates, CycleBar, StretchLab, Row House, AKT, YogaSix, Pure Barre, STRIDE and Rumble.
Xponential is the latest fitness company to go public. On July 15, F45 Training began trading on the NYSE under the symbol FXLV. On June 25, Beachbody Company Inc. began training on the NYSE. Reportedly, iFIT Health & Fitness Inc. is rumored to also be looking at an IPO in the fall.