SmartFit Completes Initial Public Offering on the São Paulo Stock Exchange (B3)
07.22.21
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The Firm represented SmartFit Escola de Ginástica e Dança S.A. (“SmartFit”) in connection with its initial public offering on the São Paulo Stock Exchange (B3) at a public offering price of R$23 per common share. The offering raised R$2.3 billion in gross proceeds (excluding the underwriters’ over-allotment option) to SmartFit.
The common shares were offered to certain qualified institutional buyers under Rule 144A in the United States and to non-U.S. persons outside the United States in reliance upon Regulation S. SmartFit’s common shares began trading on the B3 under the ticker symbol “SMFT3” on July 14, 2021.
SmartFit operates the fourth largest network of gyms in the world and the largest gym network outside of the United States of America, in terms of number of customers. SmartFit is present in 13 countries throughout Latin America and is the market leader in Brazil, Mexico and the Andean region (Colombia, Chile and Peru) in number of active customers.
The Simpson Thacher team included Grenfel S. Calheiros, Luiz F. Noronha and Alexandre Portnoi (Capital Markets); and Jonathan Cantor and Suzy Yaster (Tax).