Life Time falls after $700 million secondary offering priced

Life Time group

28/02/2025 12:31

Updates

** Shares of fitness center operator Life Time Group LTH.N fall 2.3% to $30.59 premarket after secondary offering priced

** Stock offering
priced
 at $30.4 apiece, a 2.9% discount to last close

** Certain shareholders including Leonard Green & Partners, TPG TPG.O, Partners Group, and CEO Bahram Akradi sold 23 million shares in the offering for gross proceeds of $699.2 million

** J.P. Morgan and BofA Securities were the underwriters for the offering

** LTH will have ~213.9 million outstanding shares after the offering, per prospectus, giving it $6.7 billion market cap

** Prior to offering, top shareholder Leonard Green held ~25% stake in LTH

** LTH went public in 2021 after 39 million share IPO was priced at $18 apiece

** LTH stock up 42% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com;))