YogaWorks, which planned to go public today, decided not to price its initial public offering.
Underwriters cited “market conditions,” but it looks more likely the company and the underwriters want to avoid its stock becoming a downward dog.
The terrible performance of Blue Apron (APRN), which is down nearly 35% since its debut on June 29.
YogaWorks Planned to Raise $65 Million
YogaWorks filed to trade on the Nasdaq under the symbol YOGA (surprise). It would’ve been the first public yoga studio.
The company planned to sell 5 million shares at an expected range of $12 to $14 per share. That would have raised $65 million if the offering priced between the middle of its range.
Great Hill Partners bought YogaWorks in July 20114 for $45.6 million. Great Hill intended to buy $10 million in shares and have a 70% ownership of the company.
Company Is Still Losing Money
YogaWorks has 50 company-owned studios and also operates MyYogaWorks.com. It had nearly 30 million visits last year, according to its latest filing with the SEC. It operates in Los Angeles, Orange County, New York, Northern California and the Baltimore-D.C. area.
It says 40% of yoga practitioners are millennials,…