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.