BUZZ-Life Time dips as shareholders look to slice stake in secondary offering
Shares of fitness center operator Life Time Group LTH.N fall 3.8% to $30.11 premarket after secondary offering news
Private equity firms Leonard Green & Partners and Partners Group are offering 18 million shares in the secondary offering
CEO Bahram Akradi exercised ~9.4 million options granted to him in 2015 that would have otherwise expired in October this year
Akradi is selling five million shares in the secondary offering mainly to satisfy his tax obligations tied to the exercise
J.P. Morgan and BofA Securities are the underwriters for the proposed offering
LTH had ~207.5 million outstanding shares as of December 31, according to its latest annual report, giving it a ~$6.5 billion market cap
Leonard Green is LTH's top shareholder with a ~25% stake, according to data compiled by LSEG
LTH went public in October 2021 after 39 million share IPO was priced at $18 apiece
LTH stock up 42% YTD
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