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Tuesday, September 16, 2025

F45 Training Trades Flat After $325M IPO

  • F45 Training experienced a flat trading debut following a $325 million initial public offering.
  • The operator of fitness centers is backed by actor Mark Wahlberg.
Greg Lovett-USA TODAY Network/Design: Alex Brooks

F45 Training, a Mark Wahlberg-backed operator of fitness classes, had an uneventful market debut after a $325 million initial public offering. 

The company sold more than 20 million shares at $16 apiece in the offering. 

The shares opened at $17 on Thursday but closed at a modest $16.20, dipping further to $16.10 at close Friday. The numbers are still enough to give F45 a market value of $1.46 billion and provide Wahlberg with at least a 200% return on his investment within three years.

Wahlberg invested in F45 in 2019 through MWIG LLC, a private investment company that he partially owns. At the time, F45 was valued at roughly $450 million.

It’s been a long process for F45 to go public. 

  • The fitness company was seeking an IPO before the global pandemic, but put its plans on hold. 
  • The delay was compounded by a merger with Crescent Acquisition, a blank-check company, that dissolved in October.

For the first three months of 2021, F45 reported $37 million in revenue with a net loss of $18 million, according to filings. 

Last week, SmartFit, one of Latin America’s biggest gym chains, announced plans to raise $445 million in an IPO.

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