Is Mindbody planning to go public again?

Highlights

• Mindbody, a fitness and wellbeing tech platform, plans to go public again, tentatively, in 2023.

• Founded in 2001, Mindbody went public in June 2015, but later in 2019, it went private after being acquired by Vista Equity Partners.

• Mindbody owns the exercise subscription service ClassPass, which operates in more than 30 countries.

The global health crisis has been a boon and a bane for the fitness industry at the same time. The in-person service offerors were at a losing end, while those who switched to digital mediums for offering services gained the most.

Fitness studios, gyms, and spas were shut down during the pandemic. However, the demand for in-person fitness services appears to have bounced back with the ease of public health restrictions. 

Mindbody, a fitness and wellbeing tech platform, reportedly plans to go public as demand for in-person workouts is growing. 

Founded in 2001, Mindbody went public initially in June 2015, raised around US$100 million in IPO and was listed on Nasdaq with ticker symbol 'MB'.

However, in 2019, Mindbody went private after Vista Equity Partners acquired it in an all-stock deal for a total of US$1.9 billion.

The global investment firm, Sixth Street, has also invested US$500 million in the acquisition.

Is Mindbody planning an IPO again?

Some published reports suggest that the fitness company is planning to go public again as people are looking back for in-person workout and wellness avenues.

The company has its global headquarter in San Luis Obispo, California, and other offices in the U.K., Australia, and India.

Mindbody, through its technology, enables gyms, boutique fitness facilities, and spas to offer their services to people where they can book sessions and pay online or use mobile apps for fitness classes.   

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The company reportedly wants to bring the public offering to pursue further mergers and acquisitions to expand internationally.

Mindbody also aims to improve its technology and incorporate other wellness fields like mental health besides just physical fitness. 

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Mindbody chief executive Josh McCarter reportedly said that the offering will depend on the market volatility and that "2023 would be a great target".

The wellbeing tech company owns the exercise subscription service ClassPass, which operates in more than 30 countries.

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ClassPass provides subscription-based services. It offers people the option of reserving studio classes and gym fitness sessions from boutique operators, unlike taking membership in a fitness facility. 

ClassPass’ bookings grew around 27% in February 2022 compared to February 2021. It is optimistic about its growth with more people vaccinated.

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Bottom line:

Though the wellness technology platform Mindbody plans to go public, it has not given any details as it expects it to happen only in 2023. Till now, 2022 has been a volatile year, and in the wake of an increasing interest rate scenario, the technology companies remain highly susceptible to fluctuations.