Institutional investors will be able to start subscribing to the Riyadh-based Sport Clubs Company’s initial public offering (IPO) from June 22.
The subscription period will run for five days, the company said in a statement.
In March, the Capital Market Authority, the market regulator, approved the sale of 34.3 million shares, or 30 percent of its share capital, on the main market.
The float includes 10.4 million new shares and the sale of 23.9 million existing shares.
The retail tranche, consisting of 6.86 million shares, will open for one day on July 8.
The final allocation of offering shares will be announced on July 10. The listing date has not yet been finalised, pending regulatory approvals.
Established in 1994, the company operates 56 branches across 18 cities in the kingdom. Its portfolio includes 41 men’s clubs under the “Body Masters” brand and 15 women’s clubs under the “Body Motions” brand, according to its website.
The company plans to open at least 50 additional branches over the next five years, the statement said.
Sport Clubs ventured into the fitness equipment distribution market in 2020, launching the Body Experts division.
The company, which has more than 125,000 active members, reported earnings before interest, taxes, depreciation, and amortisation (Ebitda) of SAR94.2 million ($25.12 million) for the first nine months of 2024.
BSF Capital is the financial advisor for the IPO.
