Life Time, Chanhassen, Minnesota, plans to offer 46.2 million shares of common stock at $18 to $21 per share when it goes public, according to its revised S-1 form, filed with the U.S. Securities and Exchange Commission on Sept. 29. That could end up valuing the company at between $3.6 billion and $4.16 billion. The filing indicates Life Time could go public Oct. 12.
If the shares are priced at the midpoint of $19.50 per share, Life Time would net $846.5 million, but if they are priced at $21 per share, Life Time could net $970.2 million.
The company will use $748 million of the funds to pay down debt and spend most of the rest on working capital and general corporate purposes, according to the filing.
Underwriters have the option to buy an extra 6.9 million shares for overallotments.
The company plans to trade on the New York Stock Exchange (NYSE) under the symbol LTH.
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.