F45 Training Holdings, the provider of group fitness classes backed by actor Mark Wahlberg, rose as much as 11 per cent and then lost most of those gains in its trading debut after a $325 million initial public offering.
In a listing that was delayed by the coronavirus pandemic and then sidetracked by a blank-cheque merger deal that fell apart, F45 and an investor that includes Mr Wahlberg sold more than 20 million shares for $16 each on Wednesday after marketing them for $15 to $17.
The shares, which opened Thursday at $17, closed up 1.3 per cent from the offer price to $16.20, giving F45 a market value of $1.46 billion.
Mr Wahlberg invested in F45 through a private investment vehicle called MWIG LLC, which sold almost 1.6 million shares in the IPO. Mr Wahlberg owns about 26 per cent of the membership interest in MWIG, according to F45’s filings.
F45, whose name is a mash-up of “functional training” and the 45-minute duration of its classes, had filed confidentially for an IPO, Bloomberg News reported in January 2020. Within a few months, the company that started in Australia and is now based in Austin, Texas, had put those plans on ice as the pandemic forced gyms and similar businesses to close.
In June 2020, F45 instead struck a deal to go public by merging with Crescent Acquisition, a special purpose acquisition company, or SPAC. That agreement, which would have valued the combined company at $845m including debt, was terminated in October.
Adam Gilchrist, F45’s chief executive, said in a joint statement at the time that the “prolonged uncertainty around the pandemic” kept the combination from being completed.
For the first three months of the year, F45 had a net loss of $37m on revenue of $18m, compared with a loss of $733,000 on $25m revenue during the same period in 2020, according to its filings.
The offering was led by Goldman Sachs and JPMorgan Chase. The shares are trading on the New York Stock Exchange under the symbol FXLV, which incorporates the Roman numeral for 45.
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New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
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The%20specs
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The Lowdown
Kesari
Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
Cast: Akshay Kumar, Parineeti Chopra
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The specs: 2019 Infiniti QX50
Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
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Turkish Ladies
Various artists, Sony Music Turkey
%20Ramez%20Gab%20Min%20El%20Akher
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The biog
Nickname: Mama Nadia to children, staff and parents
Education: Bachelors degree in English Literature with Social work from UAE University
As a child: Kept sweets on the window sill for workers, set aside money to pay for education of needy families
Holidays: Spends most of her days off at Senses often with her family who describe the centre as part of their life too
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
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Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
De De Pyaar De
Produced: Luv Films, YRF Films
Directed: Akiv Ali
Cast: Ajay Devgn, Tabu, Rakul Preet Singh, Jimmy Sheirgill, Jaaved Jaffrey
Rating: 3.5/5 stars
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
Jawan
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAtlee%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Shah%20Rukh%20Khan%2C%20Nayanthara%2C%20Vijay%20Sethupathi%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
ZAYED SUSTAINABILITY PRIZE
