Planet Fitness To Raise $216 Million With Initial Public Offering
Posted: July 28, 2015 in Chains
Planet Fitness
NEWINGTON, N.H. – Planet Fitness has begun its initial public offering. The Newington, New Hampshire-based workout center chain announced 13,500,000 shares of its Class A common stock Monday. The company says underwriters will have a 30-day option to buy up to an additional 2,025,000 shares. The price range for the IPO is estimated to be between $14 and $16 per share, which would raise $216 million.
As it prepared to go public, Planet Fitness sought a change in state tax laws that would have kept it from paying higher business profits taxes. Lawmakers broadened a bill that would have businesses avoid paying higher taxes on certain gains in value. Gov. Maggie Hassan vetoed it, saying she’d consider the proposal as part of budget negotiations.
A Planet Fitness spokeswoman recently said the company would like to stay in New Hampshire but is continuing to explore its options.
