Fitness club and coworking operator Life Time Group Holdings is reentering the U.S. stock market as a public company after going private years ago.
This week, the company raised $702 million for its initial public offering, pricing each share at $18.
However, Life Time also cut the number of shares in its IPO from 46.2 million to 39 million. Additionally, it is reported that Life Time is valued at $3.6 billion, which is down from the $4 billion the company was valued at when it was taken private in 2015.
Since going private, Life Time has grown its revenue throughout the years, but experienced a dip due to the pandemic. In fact during the first six months of 2021, the firm lost $229 million of $572 million in revenue.
New opportunities have risen for the company after incorporating coworking spaces and residential services into its offerings.