Fitness First Looks to Asian Listing

BC Partners, the private equity group which owns Fitness First is looking to organise a US$1.80 billion flotation for the global fitness club chain on an Asian exchange, according to sources close to the negotiations.
The initial public offering, which would take place in Hong Kong, Sydney, Singapore or Shanghai, is likely to be scheduled to occur within the next year. However, insiders emphasise that plans are in their early stages and could change, a source stating âit's very very early�? and adding âdue to the focus of the growth of Fitness First's business, BC is looking into whether an Asian IPO might be a sensible option.�?
A decision to list the UK founded company on an Asian exchange would represent a setback for the London Stock Exchange and reinforces the perception that Asia is now the engine of the world's economic growth.
Fitness First has more than 140 clubs spread in Asia and Australasia, with outlets in Australia, Hong Kong, Malaysia, Thailand, Philippines, Indonesia and Singapore. Globally it operates in 20 countries with 550 clubs and over 1.4 members.