Planet Fitness Inc. set the terms of its planned initial public offering, saying in a regulatory filing Monday that it plans to sell 13.5 million shares at $14 to $16 each, or to raise up to $216 million. Of the total, 9.12 million shares will be sold by the discount gym chain and 4.38 shares will be sold by selling stockholders. If the underwriters exercise an option to buy an additional 2.025 million shares, Planet Fitness could raise up to $248.4 million at the maximum offering price. J.P. Morgan, BofA Merrill Lynch, Jefferies and Credit Suisse are the lead underwriters. The stock is set to be listed on the New York Stock Exchange under the ticker symbol "PLNT."
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