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Connected fitness mirror company Interactive Strength (TRNR), also known as Forme, has set terms for a proposed $14M initial public offering.
Forme said in its filing that it is planning to offer 2M shares priced between $6 and $8, which would raise $14M if priced at the midpoint. Underwriters would be granted a 45-day option to buy up to 300K additional shares.
Last month, Forme indicated that it was seeking to raise around $18M.
The company hopes to list its shares on Nasdaq under the symbol TRNR. Aegis Capital is serving as sole bookrunner.
Based in Austin, Texas, Forme markets two connected fitness mirror products. The company also provides personal training and health coaching services along with video-on-demand classes.
Key players in the connected fitness space include Peloton (PTON), Beachbody (BODY), Lululemon (LULU) and Xponential (XPOF). Australian fitness equipment retailer Fitell (FTEL), which is also developing a mirror product, filed for a US listing last fall.
Peloton shares rallied earlier this week after the connected fitness leader reported better-than-expected quarterly revenue.