For those who thought YogaWorks (YOGA) actually trading on Nasdaq this year was a bit of a stretch, the company pulled off a surprise.
YogaWorks completed its initial public offering by pricing a discounted deal and shares will changing hands Friday.
YogaWorks delayed its IPO on July 20 citing market conditions. That’s almost always code for lack of Wall Street interest, and that’s now reflected in how much it raised comparew with initial expectations.
YogaWorks Raised $40.2 Million, Down From Expected $65 Million
YogaWorks is the first public yoga studio. It priced 7.3 million shares at $5.50 per share, raising $40.2 million.
The company originally 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 still 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….