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© Reuters.File photo: People exercise in the parking lot of the gym, where the fitness equipment is temporarily moved because the government has not announced the reopening date of the fitness center during the coronavirus disease (COVID-19) outbreak, located in Ciudad Juarez, Mexico
São Paulo (Reuters)-The Latin American fitness chain SmartFit on Monday priced its initial public offering of shares at 23 reais, in the middle of the 20-25 reais price range, and raised at least 2.3 billion reais (44395 million) U.S. dollars), three sources familiar with the matter said.
The company declined to comment on the matter.
SmartFit’s investors include private equity firm Patria Investments, Canada’s CPP Investments, and Singapore’s GIC. Although many fitness chains were forced to close their gyms during the coronavirus lockdown, it expanded rapidly in the region.
Relying on shareholders with strong financial resources, SmartFit used this time to start the acquisition. It has 928 units throughout Latin America, including Brazil, Mexico, Colombia, Chile, Peru and Argentina.
The company said it plans to use the IPO proceeds to open new units and acquire more gym chains.
It is unclear whether SmartFit sold an over-allotment in this offering, which may increase the number of shares sold by as much as 35%.
Itao Bachelor of Business Administration, Morgan Stanley (NYSE:), BTG Pactual and Santander (MC:) Brasil and Banco ABC Brasil managed the IPO.
(1 USD = 5,1808 reais)
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