The world of fitness has received growth and a significant increase in investments. One such notable giant is the Smart Fit (SMF) gym chain. The business shares experienced a 34% rise in share value leading to an IPO closing of R$2.3 billion. According to estimates made by Forbes, the organization raised the value of Edgard Corona to R$1.6 billion.
In 2019 when SMF showed interest in listing on the Novo Mercado, the IPO decided to become part of its future plans. However, the company withdrew from the much-anticipated offer. When SMF offered its shares on IPO, the pricing surpassed the midpoint and rated at R$22.50. Therefore, the demand was 20 folds greater than the shares offered. ABC Brasil, Morgan Stanley, BTG Panctual, Santander Brasil, and Itau BBA spearheaded the offer of SMF shares. According to a private document submitted to the Securities Commission (CVM), the profits generated would be directed toward the company’s growth.
Edgard Corona is the owner and founder of the successful SMF He owns about 51 million common shares, which translates to 9% of the shares of SMF. Corona’s stake dropped after SMF offered 100 million shares at the IPO. However, after the public sale of the shares, Edward Corona’s estimated wealth increased by 21% as of 2019.
Edgard Corona says SMF will buy about 10% of Sports World. The Mexican-based gym network will enjoy better results and an efficient management platform thanks to SMF’s involvement. In addition, being part of the company will allow SMF to streamline stagnant processes in Sports World gyms and create new innovative plans.
On digital platforms, SMF gyms aim to utilize its digital and service areas extensively. The company enjoys its streaming service, Queima Diária, which enabled them to acquire more than 435000 customers. Smart Fit Nutri is a nutritional monitoring tool that subscribers of SMF to achieve their fitness goals. It has reached about 7% of the Smart Fit customer base.
For more to know about Edgard Corona visit@Edgard Gomes Corona, da SmartFit: nosso plano apresentado no IPO é abrir 200 unidades por ano