NYSE Welcomes Planet Fitness

The IPO market is heating back up as one of America’s top fitness centers is going public.

Planet Fitness Inc PLNT was set to IPO early Thursday as it priced its 13.5 million common shares at the price of $16, the top end of expected $14-$16 range. The deal is set to raise $216 million. The low-cost gym chain offers memberships for as low as $10 per month and is becoming one of the top franchises in the nation.

Editor's note: Shares of Planet Fitness opened for trade at $14.50 per share.

The IPO is set to occur just a day after two companies, Amplify Snack Brands Inc BETR and Sunrun Inc RUN, went public and both tumbled on their premier day of trading. The low-cost gym franchise looks to follow the uptrending path of fellow-recent IPO’s of Blue Buffalo Pet Products Inc BUFF and Fitbit Inc FIT.

Planet Fitness is majority owned by private-equity firm TSG Consumer Partners. The IPO deal is being executed by JP Morgan, Jefferies, Credit Suisse, and Bank of America Merrill Lynch.