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Fast Fitness treads the IPO route
Posted on Thursday, 13 February 2020 08:45
Fast Fitness Japan, the master franchise operator in Japan for the US 24-hour fitness club Anytime Fitness of the US, has received approval to hold an initial public offering on the Tokyo Stock Exchange.
Nomura is lead underwriter for the sale of 1.80 million shares, comprising 1.60 million new and 200,000 existing stocks, which, together, represent a 16.6 per cent stake of the enlarged capital.
The company is providing an overallotment option of an additional 270,000 scrips for the listing, which is due on 18th March.
It expects the bookbuilding will run from 2nd to 6th March, following which the offering will open on 10th March and close on the 13th March.
Fast Fitness is planning to use proceeds to open more directly-managed stores, adding to the 693 locations it operated nationwide, according to a 2020 presentation on its website.
The company had consolidated revenue of JPY 8.03 billion (USD 73.02 million) and net profit of JPY 944.09 million in the 12 months ended 31st March 2019, compared to JPY 5.20 billion and JPY 316.72 million in FY 2018.
Anytime Fitness is headquartered in Woodbury, Minnesota and operates in 27 countries and regions worldwide; as at the end of December 2019, 2,026 of its 4,500 clubs were located outside the US.
Zephyr, the M&A database published by Bureau van Dijk, shows 18 IPOs by Japanese companies have been announced so far this calendar year.
Among the listing hopefuls are Curves Holdings, Kids Smile Holdings and AHC Group. which are seeking to raise JPY 1.81 billion, JPY 1.810 billion and JPY 1.23 billion, respectively.
According to Zephyr, seven deals targeting the global fitness and recreational sports centres segment have been announced in 2020 to date.
The largest features Wellness Holding selling 5.0 per cent stake worth USD 125.95 million in Technogym via an accelerated bookbuild.
© Zephus Ltd