Life Time Group Holdings Inc., a fitness facility operator with locations across the United States and Canada that has grown since becoming private in 2015, filed for an IPO on Monday.
The Minnesota-based firm did not say how much it expects to raise in its first public offering. When it became private, it sold for more than $4 billion.
After shutting all 155 of its fitness facilities in March 2020 due to the COVID-19 epidemic, Life Time, which was formed in 1992, stated in a filing with the Securities and Exchange Commission that as of Aug. 31, all 155 of its fitness centers are open. The firm, which claims 1.4 million members, also plans to establish more locations this year and in the future.
According to their report, Life Time earned $30 million in net income on $1.9 billion in revenue in 2019. It reported a $360 million net loss on $900 million in revenue in 2020, and as of June 30, the company's net loss for 2021 was $229 million on $600 million in revenue.
The business plans to list under the ticker LTH on the New York Stock Exchange. Goldman Sachs, Morgan Stanley, and Bank of America Securities, three of the 13 underwriters named in the prospectus, will lead the IPO.