Brazil’s SmartFit IPO generates high demand; competitor BlueFit planning to go public

Latin America's largest gym network stocks reach a valuation of just over R$13 (US$2.5) billion.

RIO DE JANEIRO, BRAZIL - In an IPO highly demanded by investors, SmartFit priced its initial public offering yesterday (12), introducing the first gym network to the Brazilian stock market, valued at just over R$13 (US$2.5) billion.

The company set a price per share of R$23, in an indicative range of R$20 to R$25, and collected R$2.3 billion in the base offering, according to two sources - if the coordinating banks exercise the additional option, another R$345 million may be collected. The offer is all primary, with resources to cash.

The company felt . . .

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