July 15, 2024
Australian gymnasium apparatus store Fitell units phrases for proposed M IPO (Pending:FTEL)

Australian gymnasium apparatus store Fitell units phrases for proposed M IPO (Pending:FTEL)

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Australian on-line gymnasium apparatus store Fitell (FTEL) has set phrases for a proposed $20M preliminary public providing on the United States marketplace.

Fitell mentioned in a submitting that it’s having a look at providing 3M stocks, priced between $4 and $6, which might carry the corporate round $15M. A promoting stockholder intends to supply some other 1M stocks on the similar value. Fitell would no longer obtain proceeds from the gross sales of stocks through the present stockholder.

Underwriters could be granted at 45-day choice to shop for as much as 600K further stocks to hide over-allotments. Revere Securities is serving as lead bookrunner.

Fitell has carried out to checklist its stocks on Nasdaq underneath the logo FTEL.

Included within the Cayman Islands however based totally in Australia, Fitell is an internet store of gymnasium and health apparatus. The corporate additionally licenses boutique health golf equipment underneath the emblem identify mYSTEPS, essentially in Southeast Asia.

Fitell could also be growing a line of good hooked up health apparatus, together with motorcycles and mirrors. Key avid gamers within the hooked up health house come with Peloton (PTON), Beachbody (BODY), Lululemon (LULU) and Xponential (XPOF).

Fitell first filed for an IPO in October, looking for to lift round $15M.