TPG-Backed Life Time Group Raises $702 Million in Downsized IPO
(Bloomberg) -- Life Time Group Holdings Inc. raised $702 million after shrinking its initial public offering and pricing its shares at the bottom of a marketed range.
The fitness center chain, whose backers include affiliates of TPG and Leonard Green, sold 39 million shares Wednesday for $18 each, according to a statement. It had marketed more than 46 million of them for $18 to $21.
At the IPO price, Life Time would have a market value of $3.6 billion based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission.
For the six months of the year, the Chanhassen, Minnesota-based company lost $229 million on revenue of $572 million, compared with a net loss of $183 million on revenue of $489 million during the first half of 2020, according to its filings.
The offering is being led by Goldman Sachs Group Inc., Morgan Stanley and Bank of America Corp. The company plans for its shares to begin trading Thursday on the the New York Stock Exchange under the symbol LTH.
©2021 Bloomberg L.P.