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Years after it left the public market, fitness company Life Time Group Holdings Inc. is working to go public once again.
The company plans to raise almost $1 billion in its new IPO and sell 46.2 million shares between $18 and $21 each.
If the deal goes through, it would value Life Time at around $4.1 billion, which is close to what its valuation was when the company was taken private through a buyout by CEO Bahram Akradi and private equity firms Leonard Green & Partners, TPG and LNK Partners.
Since going private in 2015, the company has grown its revenue from $1.3 billion to $1.9 billion in 2019.
While their revenue took a dip due to the pandemic, it has still expanded its services beyond fitness by adding coworking spaces, residences, and partnering with mall operator Simon Property Group to create multi-use facilities for users.
Life Time also plans to use money raised from the IPO to pay off its $2.4 billion in debt.
