YogaWorks, Culver City, California, postponed its initial public offering (IPO) on July 20, several media outlets reported. The news came 10 days after YogaWorks filed paperwork with the Securities and Exchange Commission to do an IPO.
The postponement was due to "market conditions," a spokesperson told multiple media outlets.
“We’re in an IPO market where investors are really price sensitive and don’t want to overpay,” Kathleen Smith of IPO advisory firm Renaissance Capital told The New York Post.
When YogaWorks announced its intention to go public on July 10, it said it intended to generate $65 million by offering 5 million shares at a price range of $12 to $14, according to its IPO filing. This would have put YogaWorks' fully diluted market value at approximately $187 million, NASDAQ reported, with insiders indicating a purchasing interest of up to $10 million or 15 percent of the IPO shares.
Its 2016 revenue was $55.1 million, according to its IPO filing.
Private equity firm Great Hill Equity Partners V LP has a 99.9 percent controlling stake in YogaWorks, which it purchased in 2014 for $45.6 million.
Founded in 1987, YogaWorks now has 50 company-owned studios in Baltimore; Boston; Los Angeles; New York; Orange County, California; San Francisco and Washington, DC.. It also has an Internet-based digital media service, MyYogaWorks.com, which is a subscription-based online library of yoga class videos, and it has its YogaWorks teacher training program.