Leejam Sports Company, which owns and operates Fitness Time, the largest network of sports and fitness centres in the Middle East, has announced plans for an initial public offering (IPO).
In a statement, the firm said it will make 30 per cent of its existing shares available to investors.
The IPO has been scheduled for the first week of August 2018.
The first Fitness Time centre opened in Saudi Arabia in 2005 and since it has become the leading fitness brand in the region with a multi-segmented offering catering to different gender, age, and income groups.
“Our journey began more than 10 years ago when the company embarked on implementing its vision of bringing fitness to the Saudi society and helping people in adopting a healthy and an active lifestyle," said Abdulmohsin Al Haqbani, managing director of Leejam.
"The IPO is a transformative moment for Leejam as we continue to build upon our position as the leading fitness company in the region.
"The Company has an exciting future, given growing awareness about health and fitness.
"One of the key goals of the Government’s Vision 2030 is to promote health and fitness within the society and Leejam is ideally positioned to contribute towards the achievement of this goal.
"With the start of the licensing for female fitness centres in 2017 by the General Sports Authority, Leejam has developed and is implementing a comprehensive strategy of achieving market leadership position in the female fitness segment, similar to the male segment.
"Since opening the first Fitness Time Ladies centre in July 2017, the Company’s network of female fitness centres in Saudi Arabia has grown to reach 14 centres.
There are currently 115 sites being operated under Fitness Time and its five sub-brands.
The main Fitness Time brand offers full-service clubs with large gyms, studios and sports and spa facilities.
The five sub-brands are Fitness Time Plus, Fitness Time Pro, Fitness Time Junior, Fitness Time Ladies and Fitness Time Ladies Pro.
These range from the luxury Fitness Time Plus – which targets "high net worth individuals" – and the low-cost Fitness Time Pro to ladies-only and kids' fitness sites.
Fitness Time has a presence in 23 cities across Saudi Arabia and also operates four clubs in the UAE.
