The health and fitness company Life Time Group Holdings went public on Thursday, 7th October. The company initially priced its shares at $18 on Wednesday before, planning on selling 39 million shares to raise $709 million. The company traded on the NYSE under the ticker LTH.
Just Short of Success
At the close of their first day, its shares were worth $17.75 million, short of their proposed price. The company sold $702 million worth of shares, slightly less than they intended. The share price continued to fall on Friday, closing at $17.20.
Alongside this, they still haven't completely recovered from the Covid-19-induced slump in gym participation. Their membership at the end of July was 767,000, compared with 854,000 at the end of 2019.
Jim Cramer and Life Time Group