Fitness Business Software Firm Mindbody Files for IPO

Mindbody, a maker of software to help run fitness and yoga studios, filed with U.S. regulators on Monday for an initial public offering of common stock.

Morgan Stanley, Credit Suisse and UBS Investment Bank are among the underwriters to the IPO, Mindbody said.

Founded in 1998, Mindbody makes business management software for wellness and fitness boutiques and has since expanded to spas and beauty salons.

Customers pay a monthly fee to use the software, which serves more than 42,000 local business subscribers in 124 countries and territories, Mindbody said.

Reuters reported in January that Mindbody was working with banks for an initial public offering that could value it at more than $700 million.

The company has raised more than $100 million in funding, with backers such as W Capital Partners, Bessemer Venture Partners, Catalyst Investors and Institutional Venture Partners.

The market for business management software solutions aimed at wellness businesses is expected to grow by 17 percent to $15.3 billion in 2018, according to research firm Frost and Sullivan.

Mindbody’s revenue rose about 44 percent to $70 million for 2014, compared with a year earlier.

The company said it intended to list its class A common stock under the symbol “MB,” but did not reveal the exchange it plans to list on.

Mindbody’s filing included a nominal fundraising target of about $100 million.

The amount of money a company says it plans to raise in its first IPO filing is used to calculate the registration fees. The final size of the IPO could be different.

(Reporting by Neha Dimri in Bengaluru; Editing by Simon Jennings)

This article originally appeared on Recode.net.