Life Time Group Holdings, a premium US health and fitness chain, announced terms for its IPO on Wednesday.
The Chanhassen, MN-based company plans to raise $901 million by offering 46.2 million shares at a price range of $18 to $21. Insiders intend to purchase $206 million worth of shares in the offering (23% of the deal). At the midpoint of the proposed range, Life Time Group Holdings would command a fully diluted market value of $4.1 billion.
Life Time offers premium health, fitness, and wellness experiences through an omni-channel physical and digital ecosystem that includes more than 150 "centers" across 29 US states and one province in Canada. As of July 31, 2021, the company served a community of nearly 1.4 million individual members, who together comprised more than 767,000 memberships.
Life Time Group Holdings was founded in 1992 and booked $1.0 billion in revenue for the 12 months ended June 30, 2021. It plans to list on the NYSE under the symbol LTH. Goldman Sachs, Morgan Stanley, BofA Securities, Deutsche Bank, J.P. Morgan, Wells Fargo Securities, BMO Capital Markets, Mizuho Investors, and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of October 4, 2021.
