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Life Time Will Not Use IPO Money Towards Debt
Tags: BUSINESS

Life Time Will Not Use IPO Money Towards Debt

Life Time Group Holdings will not use the money raised from its recent initial public offering towards its over $2 billion in debt.

According to CEO Bahram Akradi, the fitness club and coworking operator is going to focus its efforts on growing and expanding with the $702 million it raised.

The IPO was priced at $18 per share and offered 39 million shares, which was down from its original plan of offering 46.2 million shares.

Currently, the company has around $2.3 billion in debt and over $6 billion in assets. According to Akradi, over $3 billion of its assets are in real estate and the company could do a sales-leaseback to help with its debt if needed.

“I would have a very different view if we didn’t have assets,” said Akradi. “When you consider that, our balance sheet is very strong.”

ABOUT Aayat Ali
Aayat Ali

Aayat is an editor for the Daily Digest based in Lexington, Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces. Feel free to reach out to her at [email protected] View all posts by Aayat Ali

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