Planet Fitness

Planet Fitness Goes Public And Aims For Big Growth

Aug 7, 2015
Jon Greenberg, NHPR

Planet Fitness has gone public. The company's long-expected Initial Public Offering began Thursday, trading on the New York Stock Exchange with a starting price of $16 a share. 

The company is looking to grow, and quickly - right now Planet Fitness has just over 1,000 locations, but it says it sees the potential for more than 4,000 in the future. But while the company’s profits have grown along with its footprint, so has its debt, to the tune of $500 million.

Jon Greenberg, NHPR

 

Gym company Planet Fitness has started its initial public offering.

The Newington, New Hampshire-based workout center chain announced 13,500,000 shares of its Class A common stock Monday.

The company says underwriters will have a 30-day option to buy up to an additional 2,025,000 shares.

The price range for the IPO is estimated to be between $14 and $16 per share.

Planet Fitness

Gov. Maggie Hassan has vetoed a bill that would have changed the state’s business tax code. The so-called “Planet Fitness” measure was introduced by the gym franchise in May after the company’s executives threatened to leave the state if the law was not changed.

planetfitness.com

 

Gov. Maggie Hassan is preparing to approve or reject a change to the state's tax laws sought by gym company Planet Fitness as it plans to go public.

The Republican Legislature passed a bill earlier this year that would allow businesses to avoid an increase in taxes on certain gains in value. It's now on Hassan's desk and she must take action by Monday. She has signaled that she is likely to veto the legislation.

Planet Fitness is famous for taking a non-judgmental, no-grunting approach to working out. But as it readies to go public, it’s been straining  -- loudly -- to get lawmakers to tweak the state business profits tax or BPT.

Specifically, to exempt companies that trade or sell stock or any beneficial interest from paying that tax’s 8.5 percent levy on any increase in value.