Talwalkars Better Value Fitness IPO opens on 21 April 2010

Rs 123-Rs 128 per share IPO price band

Talwalkars Better Value Fitness, an operator of fitness centers, will come out with an initial public offer (IPO) on 21 April 2010. The price band for the IPO is set at Rs 123 - Rs 128 per share. Bids for the issue will close on 23 April 2010. The offer consists of a fresh issue of 60.5 lakh shares of the face value Rs 10 each.

Out of the issue proceeds, around Rs 50 crore are to be used for setting up of additional health clubs, Rs 20 crore for repaying certain unsecured loans and remaining for meeting the issue related expenses.

The company owns one of the largest and oldest fitness chains in India. The company (as of December 2009) owned 37 health clubs and operated 14 more through franchisee route across 24 cities in 11 states across the country. The company's health clubs offer a suite of standardised services like gym, spa, aerobics and health counselling under the brand name 'Talwalkars'.