Chinese fitness device retailer Fit Boxx files for US IPO

NEW YORK - China's Fit Boxx Holdings, which sells beauty, fitness and health care products and devices, is seeking to raise about $20 million in an initial public offering (IPO) on the US stock market.

The company plans to offer its IPO of 2,500,000 ordinary shares (or 2,875,000 ordinary shares if the underwriters exercise their over-allotment option in full) at a price range of $7.50 to $8.50 apiece, according to its prospectus filed Thursday with the US Securities and Exchange Commission.

It anticipates to be listed on the Nasdaq under the ticker symbol of "FBOX."

WestPark Capital is the sole bookrunner on the deal.

Founded in 2009, the Hong Kong-based company is specialized in the sourcing, marketing, selling and distribution of a variety of beauty device products and fitness and health care products, which are mainly for home use, under various brands through its sales and distribution network in China.

It is currently selling more than 500 products across the categories of beauty devices, fitness and health care products and other lifestyle products, said the company.

Fit Boxx Holdings increased its total revenues from $15.8 million in 2016 to $30.7 million in 2017, its prospectus showed. Its net income was $1.9 million and $3.6 million in 2016 and 2017, respectively.

The company aims to expand its market share in China and enter new markets in Asia, according to its filing, citing the multiple sales and distribution channels as one of its strengths to excel other competitors.

The fund raised will be primarily used for general corporate purposes, including further development of its market appearance, brand recognition and image in China as well as enhancing marketing and promotional activities, said its prospectus.