The IPO Buzz: Interactive Strength Prices IPO at $8 – Opens at $8.35 – & Slips in NASDAQ Debut

Austin, Texas-based Interactive Strength (TRNR) took the high road – pricing its micro-cap IPO at $8.00 – the top of its $6.00-to-$8.00 price range – on Thursday night (April 27, 2023). The digital fitness platform and equipment company priced 1.5 million shares at $8.00 to raise $12.0 million. Interactive Strength’s stock opened at $8.35 – up 35 cents or up 4.4 percent – at 1:40 p.m. EDT today (Friday, April 28, 2023) in its NASDAQ debut. The stock, however, gave up that gain fairly quickly. Interactive Strength’s stock was trading at $5.87 – down $2.13 or off 26.63 percent – at around 3:05 p.m. EDT.  At the closing bell, Interactive Strength was at $6.61 – down $1.39 – or off 17.38 percent. (Editor’s Note: This column, published early Friday, was updated after Interactive Strength started trading on the NASDAQ.)

The high-end pricing bucked the recent trend of micro-cap IPOs priced at the low end of their ranges. Interactive Strength cut its IPO’s size last week to 1.5 million shares – down from 2.0 million shares – and the price range was kept at $6.00 to $8.00, according to an S-1/A filing.

Aegis Capital Corp. was the sole book-runner.

Interactive Strength, which does business as Forme, is a digital fitness platform that combines premium connected fitness hardware products with personal training and coaching. Its products include the Forme Studio, a fitness mirror, and the Forme Studio Lift, a fitness mirror with two cable-based digital resistance arms.

The company, founded in 2017, is not profitable. Interactive Strength reported a net loss of $58.23 million on revenue of $0.7 million for the year that ended Dec. 31, 2022, according to financial statements in the prospectus.

Interactive Strength is the only company to go public this week, which kicked off with the launch of Johnson & Johnson’s spin-off of its consumer products business in a company called Kenvue Inc. (KVUE proposed) – a $3.3 billion IPO – the  biggest deal of the year so far. Kenvue’s IPO is set for pricing next week. 

Another tiny IPO, T1V, Inc. (THNK proposed), a visual collaboration software company, was postponed on Thursday (April 27, 2023), hours ahead of its expected pricing.

(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on’s website.)

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. 

To see what time the NASDAQ IPOs are expected to trade, please log in to: then scroll down to IPO Message. 

Disclosure: Nobody on the staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.