Fitness First Prepares for $1.8 Billion IPO

(Reuters) – British-based gym operator Fitness First is preparing for a share listing in Hong Kong, Singapore or Shanghai, newspaper The Sunday Telegraph said.

The company, which is owned by private equity firm BC Partners and generates more than 50 percent of its earnings in Asia and Australia, is targeting a 1.2 billion-pound ($1.80 billion) flotation in Asia by the second quarter of 2011.

A spokesman for BC Partners told Reuters that no decision has yet been taken and the company is considering its options. Fitness First could not be reached for comment. ($1=.6680 pounds) (Reporting by Sarah Young; Editing by Greg Mahlich)