Mindbody shares slip on first day of trading on the Nasdaq

MarketsAssociated Press

Shares of Mindbody Inc., which runs business software and an app that manage bookings at fitness and beauty businesses, fell on Friday during their first day of trading on the Nasdaq.

The San Luis Obispo, Calif-based company priced its initial public offering of 7.15 million shares at $14 per share for proceeds of $100.1 million. Underwriters have an option to buy 1.1 million more shares.

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On Friday, shares fell 55 cents, or 3.9 percent, to $13.45 in afternoon trading.

Mindbody's app helps users find nearby fitness and wellness classes and services.

Shares are trading under the stock ticker "MB."