BUZZ-Life Time falls after $700 million secondary offering priced

Updates

Shares of fitness center operator Life Time Group LTH.N fall 2.3% to $30.59 premarket after secondary offering priced

Stock offering priced at $30.4 apiece, a 2.9% discount to last close

Certain shareholders including Leonard Green & Partners, TPG TPG.O, Partners Group, and CEO Bahram Akradi sold 23 million shares in the offering for gross proceeds of $699.2 million

J.P. Morgan and BofA Securities were the underwriters for the offering

LTH will have ~213.9 million outstanding shares after the offering, per prospectus, giving it $6.7 billion market cap

Prior to offering, top shareholder Leonard Green held ~25% stake in LTH

LTH went public in 2021 after 39 million share IPO was priced at $18 apiece

LTH stock up 42% YTD