Planet Fitness, a franchised low-cost gym chain with over 1,000 locations in the US, announced terms for its IPO on Monday.
The Newington, NH-based company plans to raise $203 million by offering 13.5 million shares (32% insider) at a price range of $14 to $16. At the midpoint of the proposed range, Planet Fitness would command a fully diluted market value of $1.5 billion.
Planet Fitness, 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. J.P. Morgan, BofA Merrill Lynch, Jefferies and Credit Suisse are the joint bookrunners on the deal. It is expected to price during the week of August 3, 2015.
