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 (NYSE: 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 (NYSE: BETR) and Sunrun Inc (NASDAQ: 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 (NASDAQ: BUFF) and Fitbit Inc (NYSE: 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.