1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Capital Structure
3. Valuation
Discussion
Symbol
FCHL
Event Date
2025-09-04
Sector
Consumer
Subsector
Hotels, Restaurants & Leisure
Offer Range
$4.00
Shares Offered
3.75M
Shares Outstanding Pre-IPO
17M
17M
$68.0M
22.1%
Implied Upside vs Midpoint
Description
Our mission is to make swimming an affordable sport for all by offering comprehensive swimming lessons and teaching swimming skills and techniques to our students and to encourage the public to use swimming as a healthy and fun sport for all ages. We believe we are a leading sports education provider in Singapore, specializing in the provision of swimming programs to students, with more than 240 certified swim coaches as of the date of this prospectus, and based on the following: (i) in 2023, we were the largest service provider of the SwimSafer Program based on the number of assessment bookings, accounting for approximately 30% of market share; and (ii) we are one of the few swim education providers in Singapore that provides both services to students under training programs funded by the Singapore Government and provision of customized private swimming training services. We offer general swimming lessons to children and adults, with ladies-only swimming lessons available, as well as aquatic sports classes such as water polo, competitive swimming and lifesaving. We believe in imparting the correct swim stroke techniques and skills to all of our students so that they can learn to swim within the shortest time span in a variety of strokes, ranging from freestyle, breaststroke, butterfly, survival backstroke and side kick. We are one of the largest providers of swimming lessons to children enrolled in public schools under the MOE in Singapore through the SwimSafer program, and have been offering private swimming lessons to children, youths and adults under our brand “Fitness Champs” since 2012. We aim to make swimming an enjoyable and affordable sport for children and adults, for water safety and as a way of keeping fit and healthy. We also plan to enter into other sports including pickleball, targeting to be a diversified sports education provider. --- We were incorporated in the Cayman Islands as an exempted company on February 15, 2024. Our registered office in the Cayman Islands is at Cricket Square, Hutchins Drive, P. O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands. Our principal executive office is at 7030 Ang Mo Kio, Avenue 5, #04-48, NorthStar@AMK, Singapore 569880. Our telephone number at this location is +65 9005 5495. Our principal website address is https://www.fitnesschamps.sg. Our agent for service of process in the United States is Cogency Global Inc., 122 E. 42nd Street, 18thFloor, New York, New York 10168.
Post-IPO economic shares by class, valued at the offer midpoint.
| Class | Shares | % Economic | Est. value |
|---|---|---|---|
Class A Common Stock | 8.29M | 48.8% | $33.2M |
Class B Common Stock | 8.71M | 51.2% | $34.8M |
| Total economic shares | 17M | 100% | $68.0M |
Fitness Champs Holdings Ltd annual income statement and balance sheet, FY 2022 to FY 2025, as reported in SEC filings (SGD).
| Metric | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | SGD 2.8M | SGD 4.7M | SGD 4.2M | SGD 4.2M |
| Gross profit | SGD 1.2M | SGD 2.0M | SGD 1.5M | SGD 1.1M |
| Operating income | SGD 754K | SGD 1.2M | SGD 46.0K | (SGD 1.5M) |
| Net income | SGD 663K | SGD 1.1M | SGD 172K | (SGD 1.4M) |
| Metric | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Total assets | — | SGD 1.6M | SGD 2.4M | SGD 2.7M |
| Total liabilities | — | SGD 1.5M | SGD 2.3M | SGD 1.9M |
| Total equity | SGD 261K | SGD 143K | SGD 15.0K | SGD 769K |
| Cash & equivalents | — | SGD 815K | SGD 314K | SGD 2.0M |