RIO DE JANEIRO, BRAZIL – SmartFit, the São Paulo-based largest sports gym network in Latin America, announced Tuesday, June 22, that it will conduct an initial public offering of 100 million shares.
The offering may be increased by 20% additional shares and an additional lot of 15% of the initial total if there is demand. Taking into account the additional lots and supplements, the value may rise to R$3.375 billion (US$675 million).
SmartFit says it intends to use the proceeds from the offering to restart the growth plan of its gyms, acquire shares in its subsidiary SmartEXP, strategic acquisition opportunities, and invest in initiatives to develop and strengthen its ecosystem.
Itaú BBA is coordinating the offering along with Morgan Stanley, BTG Pactual, Santander and Banco ABC. The price per share will be set on July 12 and the shares will begin trading on B3 on July 14.
Smart Fit is the 5th largest sports gym network in the world and the largest in Latin America, with over 800 units in Brazil and 10 other countries in the region, and has over 1.5 million enrolled customers.
Created in 2009, headquartered in São Paulo, it is the low-cost network of Grupo Bio Ritmo, owner of the homonymous gym network Bio Ritmo.
According to the International Health, Racquet & Sportsclub Association (IHRSA), Smart Fit is the 4th fastest growing network in units over the past five years.