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YogaWorks has registered an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). In a sense, YogaWorks dropped its valuation for the IPO by nearly one-third from its previous level. After seeing how a few other IPOs have fared this summer, taking a step back in valuation might not be that bad of an idea.

The company backed off its IPO temporarily, but after a little reorganizing it intends to price its 7.3 million shares in the range of $5.50 to $6.50 per share, with an overallotment option for an additional 1.095 million shares. At the maximum price, the entire offering is valued up to $54.57 million. The company intends to list its shares on the Nasdaq under the symbol YOGA.

The underwriters for the offering are Cowen, Stephens, Guggenheim Securities, Roth Capital Partners and Imperial Capital.

This is one of the largest and fastest growing providers of high-quality yoga instruction in the United States, with almost 3 million student visits in 2016 and 50 company-owned studios, as well as its internet-based digital media service. YogaWorks is the only national, multi-discipline yoga instruction company, and its brand is present in six geographically dispersed U.S. markets: Los Angeles, Orange County (California), New York City, northern California, Boston and Baltimore/Washington D.C.

Its teachers taught more than 180,000 classes in its conveniently located studios and attracted more than 225,000 students in 2016. Since 1990, YogaWorks has offered the YogaWorks teacher training program, which it believes is the gold standard within the yoga community and respected across the globe for instructing teachers on how to teach yoga to a broad population of students.

Management believes its YogaWorks teacher training program extends the brand beyond current six markets and that its 11,000 graduates serve as ambassadors of the YogaWorks brand.

The company intends to use the net proceeds from this offering to repay debt and for working capital and general corporate purposes. Ultimately, the firm will have broad discretion over the uses of the net proceeds from this offering and investors will be relying on the judgement of management regarding the specific application of the net proceeds from this offering.