After reducing its initial public offering and pricing its shares at the bottom of a marketed range, Life Time Group Holdings Inc. raised $702 million.
According to a statement, the fitness center chain, whose backers include TPG and Leonard Green associates, sold 39 million shares for $18 apiece on Wednesday. It had sold about 46 million of them for $18 to $21 each.
Based on the outstanding shares reported in its filings with the US Securities and Exchange Commission, Life Time would have a market value of $3.6 billion at the IPO price.
According to its records, the Chanhassen, Minnesota-based company lost $229 million on $572 million in revenue in the first half of the year, compared to a net loss of $183 million on $489 million in the first half of 2020.
Goldman Sachs Group Inc., Morgan Stanley, and Bank of America Corp. are leading the offering. The company expects its stock to begin trading on the New York Stock Exchange on Thursday under the symbol LTH.