Personal training and connected hardware company Interactive Strength Inc. has priced its US initial public offering at the top a marketed range, according to people familiar with the matter.
(Bloomberg) — Personal training and connected hardware company Interactive Strength Inc. has priced its US initial public offering at the top a marketed range, according to people familiar with the matter.
The Austin-based company, doing business as Forme, is selling 1.5 million shares Thursday for $8 each after marketing them for $6 to $8, the people said, asking not to be identified because the information wasn’t public yet. At $8 a share, the company is raising $12 million in the listing and has a market value of $115 million based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.
A representative for the company declined to comment.
The listing comes as the fitness market is swinging back from the home-fitness surge brought on by coronavirus pandemic lockdowns.
While Peloton Interactive Inc. has struggled as the pandemic has waned, Club Equinox, a luxury gym chain with thousands of personal trainers, announced that it is beating pre-pandemic numbers in recent months despite concerns about inflation and consumer confidence.
Founded in 2017, Forme offers “smart gym” hardware that can be used for strength training, barre and other exercise programs. Its flagship Studio product includes a 43-inch touchscreen display with a mirrored front and two cameras that allows people to join personal training sessions from home.
Forme’s offering was led by Aegis Capital Corp. The shares are expected to begin trading Friday on the Nasdaq Stock Market under the symbol TRNR.
(Updates with Aegis Capital in last paragraph)
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