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Planet Fitness files IPO in effort to generate additional $100 million

Published 06/22/2015, 06:53 PM
Updated 06/22/2015, 06:57 PM
Planet Fitness, one of the largest gyms in the U.S., filed for an IPO on Monday

Investing.com -- Planet Fitness, one of the largest fitness center chains in the U.S., filed for an initial public offering on Monday in an effort to generate an additional $100 million in revenue for the company.

The New Hampshire-based fitness chain has applied to be listed on the New York Stock Exchange under the listing PLNT. Planet Fitness, which earned revenues in excess of $275 million in 2014, has enlisted J.P Morgan, Bank of America Merrill Lynch (NYSE:BAC), Jeffries and Credit Suisse (SIX:CSGN) as its underwriters for the IPO, according to SEC filings.

Earlier this month, Planet Fitness marked the opening of its 1,000th store in Washington D.C. with a free day of fitness for potential new members. The company charges monthly gym fees at a relatively low price of $10 a month.

"Opening our 1,000th club is an important and exciting milestone for Planet Fitness," CEO Chris Rondeau said in a statement. "We are excited to celebrate this company milestone with our amazing franchisees – without whose support this accomplishment would not be possible.

In April, Planet Fitness launched only the second location in company history north of the border with the opening of a 20,000 square foot location in Brampton, Ontario. Four months earlier, Planet Fitness broke into the Canadian market with the opening of a corporate-location in Toronto.

"We know that Canadians are looking for a high quality health club experience that's comfortable and welcoming for people of all fitness levels," Rondeau said at the time.

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Planet Fitness was founded in 1992, in Dover, New Hampshire.

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