Planet Fitness sets terms for planned IPO to raise up to $216 mln

• Company valued at nearly $1.58 billion in its initial public offering.
• plans to sell 13.5 million shares at $14 to $16 each, or to raise up to $216 million
• J.P. Morgan, BofA Merrill Lynch, Jefferies and Credit Suisse are the lead underwriters.

The company expects the offering of 13.5 million class A shares to be priced at $14-$16 per share, raising up to $216 million, it said in a regulatory filing on Monday.

Planet Fitness is selling 9.1 million shares in the offering, while selling stockholders are offering the rest.

The Newington, New Hampshire-based company, which is majority owned by buyout firm TSG Consumer Partners, has more than 950 fitness centers in the United States, most of which are franchised.

Founded in 1992, Planet Fitness has more than 7 million members. The company's cheapest package costs just $10 per month.

With its basic amenities and no-frills approach, the chain caters to first-time or occasional gym users rather than those heavily into fitness.

Planet Fitness, whose motto is "One Team, One Planet," also features on the popular TV show "The Biggest Loser."

The company aims to more than quadruple its fitness centers to over 4,000, it said in the filing.

Planet Fitness's revenue rose 33 percent to $279.8 million in 2014, while net income jumped 45 percent to $37.3 million.