Europe’s largest budget health club chain Basic-Fit has announced it is planning to float on the Dutch stock market, adding to the flurry of fitness market IPO activity in recent months.

Last month saw Technogym go public in Italy, following on from The Gym Group’s IPO last November, while Pure Gym and The Bannatyne Group are also thought to be lining up listings. Now Basic-Fit – which boasts 351 clubs across the Netherlands, Belgium, Luxembourg, France and Spain – has unveiled plans to float in the Netherlands on the Euronext Amsterdam.

The offering will consist of a primary offering of new shares and a secondary offering of existing shares held by certain current shareholders, with money raised from the sale of new shares to be used to refinance company debt and repay shareholder loans. The company says this will give it greater financial flexibility and allow for the continued implementation of its growth strategy, which has seen the chain grow from 199 clubs to 351 clubs in little over two years,

aided by international investor 3i Group.

Basic-Fit expects the IPO to take place “in the near future, subject to market conditions” and reports that revenue for 2015 hit €202.2m (US$229.2m, £158.3m), with EBITDA of €60.1m (US$68m, £47m).

“We have realised significant growth over the past years, supported by our current main indirect shareholder 3i, and are now ready for a new phase,” said Basic-Fit CEO and co-founder René Moos, who intends to remain a significant long-term shareholder following the IPO.

“We believe an IPO is the logical next step in the development of Basic-Fit and a listing will be instrumental in effectively implementing our strategy going forward.”

To read a feature on how fitness businesses are working to attract investment – from the March 2016 edition of Health Club Management – click here.