News Column

Powerhouse Fitness Files For IPO On BSE SME

July 22, 2014

Mumbai based @Powerhouse_Fitness Limited has filed DRHP on BSE SME platform for the issue of 24 lac equity shares at a price of INR 30 per unit aggregating to INR 7.2 Cr. The issue constitutes 32.93% of the paid up equity share capital of the company.

Proceeds from the funds will be used for setting up six additional gyms in western and eastern suburbs in Mumbai and also to meet the expenses.

The first gym was established in May 1999, as "Q's Fitness Studio" a proprietary firm with Mr. Ashok Gupta and later it signed agreement with Powerhouse Licensing LLC, which allowed the company to setup and operate Powerhouse Gyms. Currently, it operates 12 fitness centres in Mumbai and also have presence in Jaipur and Surat.

It offers services including gyms, steam, aerobics and diet counseling are amongst others.

According to reports, Indian Fitness & Slimming Industry constitutes about 8% of the wellness market. The wellness industry in India is poised to touch INR 1 trillion by 2015, with a compounded annual growth rate of 15-17%, from about 70,000 Cr in 2012.

Vishal Fabrics, Western Agro, Carewell Industries, Tarini International, Dhanuka Commercial, Sirohia & Sons Limited are among other to have filed for DRHP with the exchange.

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Source: DealCurry (India)

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