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 . . .