Stibbe advises Basic-Fit, the largest "value-for-money" fitness club operator in Europe as measured by number of clubs, on its IPO.
The price share was set at EUR 15.00, implying a market capitalisation of EUR 820 million and an enterprise value of EUR 994 million for Basic-Fit post IPO. In the IPO, 24,666,667 new ordinary shares have been placed, raising approximately EUR 370 million of primary gross proceeds, and 2,000,000 existing ordinary shares have been placed by selling shareholders, resulting in secondary gross proceeds of approximately EUR 30 million (prior to exercise of the over-allotment option). Trading in the shares on Euronext Amsterdam commenced on Friday 10 June 2016.
Basic-Fit is is the largest "value-for-money" or low-cost fitness club operator in Europe measured by number of clubs with an aggregate of 351 clubs in the Netherlands, Belgium, Luxembourg, France and Spain and over one million members as at 31 March 2016.