Fitness centers operator Life Time valued at $3.3 billion in dull market debut
(Reuters) – Life Time Group Holdings Inc was valued at $3.3 billion on Thursday after shares of the operator of fitness centers opened 8% below their offer price.
Shares of the company, backed by private equity giant TPG, opened at $16.57 per share, down from its initial public offering price of $18.
The company on Wednesday had raised $702 million in its downsized IPO, selling 39 million shares. The offer price was at the low end of its previously targeted range of $18 to $21 for the sale of 46.2 million shares.
Goldman Sachs & Co, Morgan Stanley and BofA Securities were the lead underwriters for the IPO.
Source: Read Full Article