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Jul 28, 2015 10:39 AM

NH-based Planet Fitness prepares to go public with stock

The Associated Press

NEWINGTON (AP) — Gym company Planet Fitness has started its initial public offering.

The Newington-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.

As it prepared to go public, Planet Fitness sought a change in state tax laws that would've kept it from paying higher business profits taxes. Lawmakers broadened a bill that would have businesses avoid paying higher taxes on certain gains in value.

Gov. Maggie Hassan vetoed it, saying she'd consider the proposal as part of budget negotiations.

A Planet Fitness spokeswoman recently said the company would like to stay in New Hampshire but is continuing to explore its options.


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