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Australian gym equipment retailer Fitell sets terms for proposed $20M IPO (Pending:FTEL)

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Australian online gym equipment retailer Fitell (FTEL) has set terms for a proposed $20M initial public offering on the US market.

Fitell said in a filing that it is looking at offering 3M shares, priced between $4 and $6, which would raise the company around $15M. A selling stockholder intends to offer another 1M shares at the same price. Fitell would not receive proceeds from the sales of shares by the existing stockholder.

Underwriters would be granted at 45-day option to buy up to 600K additional shares to cover over-allotments. Revere Securities is serving as lead bookrunner.

Fitell has applied to list its shares on Nasdaq under the symbol FTEL.

Incorporated in the Cayman Islands but based in Australia, Fitell is an online retailer of gym and fitness equipment. The company also licenses boutique fitness clubs under the brand name mYSTEPS, primarily in Southeast Asia.

Fitell is also developing a line of smart connected fitness equipment, including bikes and mirrors. Key players in the connected fitness space include Peloton (PTON), Beachbody (BODY), Lululemon (LULU) and Xponential (XPOF).

Fitell first filed for an IPO in October, seeking to raise around $15M.