Established in 1994, Sport Clubs today has 56 fitness centres across 18 cities in the Kingdom. Its portfolio includes 41 men’s clubs operating under the well-established Body Masters brand and 15 women’s clubs under the newer Body Motions brand, launched just four years ago.
With the aim to bring in funds to fuel further growth, Sport Clubs Company went public on July 22 on the Saudi Stock Exchange (Tadawul). The company floated 34.32 million shares, which equates to 33% of its capital, at a nominal value of SAR 1 per share with a minimum allocation of 10 shares per individual subscriber.
The offering attracted strong demand, with the institutional tranche covered 44.1 times and the retail tranche oversubscribed 5.3 times.
Experts attributed the oversubscription to the increasing health and fitness consciousness among Saudis, which has been a notable trend over the past decade. “The oversubscription rate highlights a strong investor appetite for companies in the wellness sector,” commented Ahmed Al-Khalifa, an analyst at Riyadh-based investment firm Al-Mashari Capital. “Sport Clubs Company has not only capitalized on this trend but has also positioned itself as a leading player in the industry.”
On the first day of trading, the shares closed at SAR 9.30, representing a 24% increase over the listing price of SAR 7.5. At the time of writing, the shares are hovering around SAR 10.80.
The dealmakers
The successful IPO was led by BSF Capital, which served as lead manager, financial advisor, bookrunner, and underwriter. Portas Consulting provided strategic and commercial market advisory to the deal, while PwC served as the financial due diligence advisor.
Kirkland & Ellis provided legal counsel to Sport Clubs Company, while Khoshaim & Associates represented BSF Capital. Mohamed Al-Amri & Co. Chartered Accountants, the Saudi arm of BDO, supported the audit workstream of the transaction.
According to research from EY, the Middle East and North Africa hosted 14 IPOs in the first quarter of 2025, worth around $2.4 billion. Saudi Arabia led the region in IPO activity.