YogaWorks scraps IPO plan in an overstretched market

YogaWorks has curled back into child’s pose.

Shares of the Santa Monica, Calif.-based yoga studio chain were slated for an initial public offering on the Nasdaq Thursday, but the company postponed the debut in an overstretched market.

“We’re in an IPO market where investors are really price sensitive and don’t want to overpay,” Kathleen Smith of IPO advisory firm Renaissance Capital told The Post.

Last month, meal-kit delivery service Blue Apron launced its IPO at $10 a share, only to see its shares since cut by a third on worries about competition with Amazon.

Likewise, Snap Inc.’s shares have been hammered since their March IPO as Wall Street grows increasingly concerned that Facebook’s Instagram is stealing its user base by knocking off the key features of its Snapchat app.

YogaWorks, owned by private-equity firm Great Hill, operates five studios in the greater New York area where classes cost $28 a piece.

Outside of New York, YogaWorks owns 45 other studios in six other major metropolitan areas. It hoped to use the expected $65 million raised in Thursday’s now-abandoned IPO to acquire more studios in the country, according to filings.

YogaWorks was looking to price 5 million shares between $12 and $14 apiece, according to a July 10 filing with the Securities and Exchange Commission.

But Wall Street appeared to balk at the valuation as the company reported losses of $9.5 million in 2016, up from losses of $9.2 million in 2015.

Reps for Great Hill and YogaWorks did not respond to requests to comment.