Fitness Champs Holdings, a leading provider of swim lessons in Singapore, raised $15 million by offering 3.8 million shares (47% secondary) at $4, the low end of the range of $4 to $5.
Fitness Champs offers general swimming lessons to children and adults, as well as aquatic sports classes such as water polo, competitive swimming, and lifesaving. The company states that it has a market share of about 30%, based on the number of bookings of SwimSafer assessments, Singapore's mandatory national program for primary school students dedicated to water safety. Fitness Champs generates revenue from both school-based swim lessons and private swim lessons and aquatic sports programs.
Fitness Champs Holdings plans to list on the Nasdaq under the symbol FCHL. Bancroft Capital acted as sole bookrunner on the deal.
