Planet Fitness Inc. filed plans for an initial public offering of as much as $100 million to raise funds for recapitalization transactions.
The filing with the U.S. Securities and Exchange Commission didn't provide details about the size or pricing of the stock sale, with the figure provided representing an estimate for the calculation of a registration fee, which could be subject to change.
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Last month the budget-fitness chain made a confidential submission for an IPO with the Securities and Exchange Commission. Such confidential filings allow "emerging growth companies," with less than $1 billion in annual revenues, to submit their documents to the SEC for confidential reviews.
Founded in 1992 and based in New Hampshire, Planet Fitness is majority owned by private-equity firm TSG Consumer Partners. Planet Fitness said proceeds from the offering will be used to purchase common membership interests from certain existing owners.
For the quarter ended March 31, Planet Fitness reported revenue of $76.9 million, an increase of 34% from a year earlier. The company's earnings rose 38% to $8.4 million.
Planet Fitness, which had 976 stores in the U.S., Puerto Rico and Canada as of March 31, expects to apply for a listing of its shares on the New York Stock Exchange under the ticker symbol PLNT.
(By Tess Stynes)