Life Time, Chanhassen, Minnesota, began trading on the New York Stock Exchange (NYSE) on Oct. 7 under the symbol LTH.
It had set its initial public offering (IPO) of 39 million shares of its common stock at $18 per share, but the shares began trading at $16.57 instead. The IPO raised $702 million. That is less than the $846.5 million to $970.2 million that was anticipated if the shares had gone for $18 to $21, as initially anticipated.
The company will use the funds to pay down debt, for working capital and for general corporate purposes, according to its filing with the U.S. Securities and Exchange Commission.
Life Time previously traded on the NYSE as LTM from June 30, 2004, until an investor group, which included Life Time founder and CEO Bahram Akradi as well as private equity firms Leonard Green & Partners and TPG, bought the company in June 2015 in a deal that Life Time valued at $4 billion.
During its previous incarnation as a public company, Life Time began trading in 2004 at $20.75 per share, and on its last day of trading in 2015, its shares traded at $72.07.
Due to temporary closures of its facilities in 2020 from the COVID-19 pandemic, Life Time had a net loss of $360 million in 2020 compared to a profit of $30 million in 2019, according to its filing. However, revenue in the first half of 2021 was $562.5 million, an increase of 17.9 percent year over year.