Town Sports International Holdings Inc. (TSI) – which operates 145 fitness clubs in the US and Switzerland – has begun trading on the Nasdaq exchange, generating proceeds of US$116m (£64m).

TSI announced its initial public offering on 2 June, with 8.95 million shares of common stock being priced at US$13 (£7) per share. The group is selling 7.65 million shares, with the remaining 2.35 million coming from stockholders selling to certain specified purchasers.

TSI operates under the brand names New York Sports Clubs, Boston Sports Clubs, Washington Sports Clubs and Philadelphia Sports Clubs.

It currently operates 142 clubs with around 432,000 members and aims to be ‘the most recognised health club network’ within each of the four cities where it operates.