Investing.com -- Planet Fitness, one of the largest fitness center chains in the U.S., filed for an initial public offering on Monday in an effort to generate an additional $100 million in revenue for the company.
The New Hampshire-based fitness chain has applied to be listed on the New York Stock Exchange under the listing PLNT. Planet Fitness, which earned revenues in excess of $275 million in 2014, has enlisted J.P Morgan, Bank of America Merrill Lynch (NYSE:BAC), Jeffries and Credit Suisse (SIX:CSGN) as its underwriters for the IPO, according to SEC filings.
Earlier this month, Planet Fitness marked the opening of its 1,000th store in Washington D.C. with a free day of fitness for potential new members. The company charges monthly gym fees at a relatively low price of $10 a month.
"Opening our 1,000th club is an important and exciting milestone for Planet Fitness," CEO Chris Rondeau said in a statement. "We are excited to celebrate this company milestone with our amazing franchisees – without whose support this accomplishment would not be possible.
In April, Planet Fitness launched only the second location in company history north of the border with the opening of a 20,000 square foot location in Brampton, Ontario. Four months earlier, Planet Fitness broke into the Canadian market with the opening of a corporate-location in Toronto.
"We know that Canadians are looking for a high quality health club experience that's comfortable and welcoming for people of all fitness levels," Rondeau said at the time.
Planet Fitness was founded in 1992, in Dover, New Hampshire.