Power Wind Health Industry Inc (柏文健康事業), also known as Fitness Factory (健身工廠), became the first gym chain to list on the Taiwan Stock Exchange (TWSE) yesterday.
At the end of the session, Power Wind shares closed at their issue price of NT$180, with 143,000 shares changing hands on the main board, while the TAIEX ended up 0.88 percent at 10,439.24 points.
The Power Wind stock came off an early high of NT$185 as investors locked in their early gains, dealers said.
Photo: CNA
Power Wind chairman George Chen (陳尚義) said that he is upbeat about the outlook for the local gym industry, which has seen an almost 25 percent compound annual growth rate in terms of sales since 2011, and has been attracting investors such as banks and convenience store chains.
Power Wind plans to open six new gyms by the end of the year in New Taipei City, Taoyuan, Hsinchu, Taichung, and Yunlin and Pingtung counties, which would bring its total number to 45, Chen said, adding that the firm hopes to increase the figure to 80 by the end 2025.
In March 2016, Power Wind launched a listing on the local over-the-counter market. The stock gained 25 percent over the past four-and-a-half months after the announcement that it was to be listed on the main board.
Last year, Power Wind posted a 32 percent increase in consolidated sales to NT$3.012 billion (US$97.5 million). Net profit attributable to the parent company grew 62.28 percent to NT$444 million, with earnings per share of NT$7.69.
On Tuesday, the company proposed a dividend of NT$6.35 per share, consisting of a cash dividend of NT$5.35 and a stock dividend of NT$1.
Ministry of Finance data showed that the domestic fitness center and health club industry grew by 28.13 percent last year to register NT$10.08 billion in revenue.
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