Planet Fitness Files for Initial Public Offering of Gym Chain

Planet Fitness Inc., the $10-per-month gym chain, filed for an initial public offering in the U.S.

The Newington, New Hampshire-based company’s prospectus shows an offering size of $100 million, a placeholder amount used to calculate fees that will probably change. The company, backed by TSG Consumer Partners, will not receive any proceeds from the IPO.

Planet Fitness, which trademarked the phrase “Judgment Free Zone,” says in the filing that it’s the largest operator of fitness centers in the U.S. by number of customers, with 7.1 million members and 976 stores.

The filing comes after a week of fitness-related IPOs. Fitbit Inc., whose devices track everything from exercise to sleep, raised $841 million in a larger-than-expected share sale. Mindbody Inc., which provides cloud-based software that helps fitness centers with their bookings and payments, sold $100 million of shares.

In the year through Dec. 31, Planet Fitness generated $279.8 million in revenue. Chris Rondeau, 42, has been chief executive officer since January 2013. He started at the company 22 years ago.

JPMorgan Chase & Co., Bank of America Corp., Jefferies Group LLC and Credit Suisse Group AG are managing the offering. Planet Fitness applied to list its shares on the New York Stock Exchange under the symbol PLNT.

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