Business

MindBody closes higher in second day of trading

MindBody CEO Rick Stollmeyer celebrates as the San Luis Obispo software company goes public Friday, June 19.
MindBody CEO Rick Stollmeyer celebrates as the San Luis Obispo software company goes public Friday, June 19. Courtesy photo

MindBody (MB) closed at $12.95 a share Monday, up 12 percent from its opening day of trading on the Nasdaq on Friday.

The San Luis Obispo-based business, which sells business management software for clients in the health and wellness, and beautify industries, went public on Friday, raising $100.1 million to help it grow and expand on a global scale. The company priced its initial public offering of 7.15 million shares at $14 per share.

The stock opened for trading Friday at $16.22 a share, closing at $11.56 a share, down 17.43 percent.

Founded in 1998, MindBody has more than 42,000 business subscribers that pay a monthly fee to use its mobile-enabled SaaS (Software as a Service) platform in 124 countries and territories employing more than 250,000 practitioners.

The company employs about 900 people in San Luis Obispo, plus 200 more in New York, the United Kingdom and Sydney, Australia. With its recent expansion, the company could grow to about 1,100 employees locally.

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