April 8, 2011
SINGAPORE (AFP) - Britain-based gym operator Fitness First is likely to apply for listing approval at the Singapore Exchange ahead of a planned initial shares offer, a report said Friday.
The Fitness First is planning to launch an initial public offering (IPO) to raise Sg$600 million-Sg$700 million ($477 million-$557 million), Dow Jones Newswires said.
The application is expected to be filed this month, the report cited anonymous sources close to the situation as saying, adding that the listing was planned for the third quarter.
Fitness First spokesman Terence Foo declined comment on the report when contacted by AFP.
In Singapore, a company planning an IPO should first apply to the city's exchange for an eligibility to list.
Fitness First is owned by London-based buyout firm BC Partners, which bought the business for 1.2 billion euros ($1.70 billion) in 2005.
On its website Fitness First describes itself as the largest privately owned health club group in the world, with more than 1.4 million members.
