Interactive Strength Inc., a fitness technology company better known as Forme Life that's based in Austin, on April 28 began selling shares of its common stock to the public through an initial public offering on the Nasdaq.
The shares were initially priced at $8 each, which translates to about $12 million for the company, and if the underwriter decides to buy more shares, the company could make up to $13.8 million.
Shares of Forme (Nasdaq: TRNR) closed April 28 at $6.61. To track the stock yourself, go here.
The company appears to have moved its home base to Austin from Los Angeles; the company registered as a business with the state of Texas on Feb. 23, records show. New York-based Aegis Capital Corp was in charge of the IPO.
Forme sells hardware products like fitness mirrors, as well as virtual personal training and coaching services to help people exercise at home. It was founded in 2020 by CEO Trent Ward, and it raised a total of $128 million, according to Crunchbase. That includes a $70 million series C led by Korify Capital last September.
In an April 19 securities filing, the company said Austin is its corporate headquarters. It has a monthly lease at a virtual office downtown for $99 and variable cost based on use. It also has a space leased in New York City that expires later this year. The filing also said, as of the end of 2022, FORME had 41 full-time employees spread across the U.S. and 12 full-time employees in Taiwan, mostly in manufacturing and supply chain functions.
This is at least the second Austin IPO of the year, after Bud Brigham's oilfield services company Atlas Energy Solutions Inc. went public March 9 on the New York Stock Exchange. Shares of Atlas Energy closed April 28 at $18.04, relatively unchanged from their IPO price of $18.
