Life Time Group Holdings Inc., an operator of fitness centers in the United States and Canada that has expanded since going private in 2015, filed for an initial public offering Monday.
The Minnesota-based company did not specify how much it plans to raise in its IPO. It sold for more than $4 billion when it went private.
Life Time, which was founded in 1992, said in its filing with the Securities and Exchange Commission that as of Aug. 31, all 155 of its fitness centers are open, after closing in March 2020 because of the COVID-19 pandemic. The company, which said it has 1.4 million members, also intends to open new centers this year and beyond.
Life Time posted $30 million in net income on $1.9 billion in revenue in 2019, according to its filing. In 2020, it had a $360 million net loss on revenue of $900 million, and as of June 30, the company’s 2021 net loss was $229 million on revenue of $600 million.
The company expects to list on the New York Stock Exchange under the ticker LTH. The IPO will be led by Goldman Sachs, Morgan Stanley and Bank of America Securities, three of 13 underwriters listed in the prospectus.