Fitell, an online retailer of gym and fitness equipment in Australia, raised $15 million by offering 3 million shares at $5, the low end of the range of $5 to $6.

Through its subsidiary GD Wellness, the company markets and sells fitness equipment and related products, primarily through three proprietary brands. The brands span products such as weights, bars, power racks, benches, and gym machines. The company also offers turnkey solutions for personal training studios and commercial gym chains, and is currently developing smart fitness equipment, with commercial launch expected in June 2023.

Fitell plans to list on the Nasdaq under the symbol FTEL. Revere Securities and R.F. Lafferty & Co. acted as joint bookrunners on the deal.