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Morgan Stanley, Credit Suisse and UBS Investment
Bank are among the underwriters to IPO, Mindbody said. (http://bit.ly/1K2Pm40)
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 the
year ended Dec. 31 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)
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