** Shares of fitness center operator Life Time Group LTH.N fall 3.8% to $30.11 premarket after secondary offering news
** Private equity firms Leonard Green & Partners and Partners Group are offering 18 million shares in the secondary offering
** CEO Bahram Akradi exercised ~9.4 million options granted to him in 2015 that would have otherwise expired in October this year
** Akradi is selling five million shares in the secondary offering mainly to satisfy his tax obligations tied to the exercise
** J.P. Morgan and BofA Securities are the underwriters for the proposed offering
** LTH had ~207.5 million outstanding shares as of December 31, according to its latest annual report, giving it a ~$6.5 billion market cap
** Leonard Green is LTH's top shareholder with a ~25% stake, according to data compiled by LSEG
** LTH went public in October 2021 after 39 million share IPO was priced at $18 apiece
** LTH stock up 42% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
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