On August 6, Planet Fitness began selling trades on the New York Stock Exchange, under PLNT. It is the third health and fitness brand to file for an IPO, just behind Fitbit and MINDBODY.
PLNT “tumbled shortly,” dropping 14 percent, after its debut on Thursday, but picked up traction on Friday, finishing at $16 per share, according to L.A. Business Journal.
After the first day, however, Planet Fitness sold 9.1 million Class A shares, raising $145.60 million, according to Reuters.
Planet Fitness intends to raise $216 million in IPO’s. The stock exchange is being led by J.P. Morgan, Bank of America Merrill Lynch, Jefferies and Credit Suisse.
Planet Fitness hopes the IPO shares will increase revenues. Additionally, it opened 164 new stores last year, and plans to open 350 new locations, per year, for the next six years.
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Rachel Zabonick-Chonko is the editor-in-chief of Club Solutions Magazine. She can be reached at rachel@peakemedia.com.
