Credit: Shutterstock photoPlanet Fitness, a franchised low-cost gym chain with over 950 locations in the US, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $500 million.
The company's initial filing follows the IPO of consumer-focused fitness company Fitbit ( FIT ), which raised $732 million last week and has traded up 85% since then. Fitness and wellness business software provider MINDBODY ( MB ) also went public last week, while telehealth platform provider Teladoc (TDOC) is planning a $112 million IPO next week.
Known for its "judgement free zones" where "lunks" are forbidden from using "gymtimidation," the IPO candidate claims "We're not a gym. We're Planet Fitness."
The Newington, NH-based company, which was founded in 1992 and booked $299 million in sales for the 12 months ended March 31, 2015, plans to list on the NYSE under the symbol PLNT. Planet Fitness initially filed confidentially on March 25, 2015. J.P. Morgan, BofA Merrill Lynch, Jefferies and Credit Suisse are the joint bookrunners on the deal. No pricing terms were disclosed.
The article "Not a gym" Planet Fitness files for an IPO that could raise $500 million originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
