Life Time Health hopes to lift almost $1 billion from an preliminary public providing of inventory that it might use to repay long-term money owed.
The Chanhassen-based well being, health and wellness chain filed an preliminary registration assertion for an IPO on Sept. 13 however didn’t disclose the variety of shares it might provide or a worth vary for these shares.
In an modification to that submitting with the Securities and Trade Fee on Wednesday, Life Time Health says it expects to promote 46.2 million shares at between $18 and $21. An providing on the prime finish of the vary could be the most important IPO ever by a Minnesota public firm.
Life Time Health was based in 1992 by Bahram Akradi and it was a publicly traded firm from 2004 to 2015 when Akradi and several other funding companies took the corporate non-public once more.
Akradi and people traders would return the corporate to the general public inventory markets with a profitable providing. Following the providing, the corporate would nonetheless be thought of a “managed firm,” which means Akradi and people traders would nonetheless personal a majority of the inventory.
Life Time now has 150 premium health facilities throughout 29 states and Canada. In 2018, the corporate additionally expanded into co-working areas, with its latest opening final week in downtown Minneapolis.
If the IPO costs at $21 a share, it might increase more cash than Bloomington-based Vibrant Well being did in its downsized IPO accomplished on June 23.
Vibrant Well being raised $924 million by promoting 51.4 million shares at $18 a share. It was the most important quantity raised in an IPO from a Minnesota firm. Nevertheless, had it been priced on the proposed $20-to-$23 vary, it might have raised in extra of $1 billion for the medical insurance firm.
If profitable, Life Time could be the sixth Minnesota firm to finish an IPO this yr, becoming a member of Vibrant Well being, Agiliti Well being Inc., Solar Nation Airways, SkyWater Know-how Inc. and Miromatrix Medical Inc.
Favorable market situations have result in a surge of IPOs this yr. In accordance with Renaissance Capital they’ve been 310 IPOs priced this yr, up 111% from the identical level final yr.