A global fitness giant founded in Australia and financially backed by Hollywood star Mark Wahlberg has listed on Wall Street with a market value of $2billion.
F45 Training debuted on the New York Stock Exchange on Thursday night, Australian time, nine years after businessman Adam Gilchrist co-founded the fitness chain from one gym at Paddington in Sydney’s eastern suburbs.
The fitness classes group has since grown to 1,500 fitness studios in 63 countries, with a presence in Los Angeles but new headquarters in Austin, Texas.
Wahlberg, who invested heavily in the company in 2019, was present at the float, wearing a black, short-sleeved shirt instead of a suit to display his biceps.
A global fitness giant founded in Australia has listed on Wall Street with a market value of $2billion. F45 debuted on the New York Stock Exchange on Thursday night, nine years after businessman Adam Gilchrist (right with Mark Wahlberg) co-founded the fitness chain from one gym in Sydney
F45 was valued at $1.9billion ($US1.4billion) at its initial public offering on July 15, US east coast time.
F45 was valued at $1.9billion ($US1.4billion) at its initial public offering on July 15, US east coast time.
It opened at $US17 on the NYSE but finished the session at $US16.20, which was still 1.25 per cent better than its floating offering price.
F45 had aimed to sell about 20.3million shares, each priced between $15 and $17, to raise $463million ($US345million).
The $437million ($US325million) in capital raised at debut is set to see Mr Gilchrist join The Australian Financial Review Rich List, alongside Atlassian’s billionaire co-founders Mike Cannon-Brookes and Scott Farquhar, who listed on the American Nasdaq in 2015.
Australians wishing to invest in F45 Training have to find an online broker in Australia that trades on Wall Street, with IG, Etoro and CMC Markets offering their services.
The fitness chain is popular with celebrities including the likes of American actor Mario Lopez, cricketer David Warner, his wife Candice, model twins Jordan and Zac Stenmark, athlete Amy Pejkovic, and glamour couple Elle Ferguson and Joel Patfull.
The $US325million in capital raised at debut is set to see Mr Gilchrist join The Australian Financial Review Rich List, alongside Atlassian’s billionaire co-founders Mike Cannon-Brookes and Scott Farquhar, who listed on the American Nasdaq in 2015. He is pictured right with Mark Wahlberg and Steve Aoki
Hollywood star Mark Wahlberg, who invested heavily in the company in 2019, was present at the float, wearing a black shirt instead of a suit
Despite a major trade war, F45 is eyeing expansion opportunities in China.
‘While Australia—our brand’s birthplace—remains a top market for F45 Training, countries like China offer a massive opportunity as its people look to improve the quality of their lives and bolster their health and fitness,’ it said.
India is also part of its growth plans.
‘Another big Asian opportunity is India, which has shown a recent rise of both health clubs and gym memberships,’ it said.
‘It’s another territory where a growing middle class and increased spending in urban areas has led to many international fitness franchises entering the market.’
The pandemic, however, has created some hurdles with its revenue falling by 11 per cent in calendar 2020, compared with 2019.
The fitness chain is popular with celebrities including the likes of cricketer David Warner (pictured, left with Mark Wahlberg), his wife Candice (right), model twins Jordan and Zac Stenmark, athlete Amy Pejkovic, and glamour couple Elle Ferguson and Joel Patfull