According to Forbes, Edgard Corona, CEO of Smart Fits Gym, made billions in 2020. His company recently held an IPO that led to the shares soaring by 35%. Apart from being the CEO, he is also the majority shareholder.
The CEO holds a nine-percent controlling stake. SmartFit raised a jaw-dropping R$2.3 billion through its IPO. The listing on the Novo Mercado increased Edgard’s fortune to R$1.6 billion.
The IPO’s base offering dished out 100 million shares. The CEO did, however, hold on to his stake to remain as the majority shareholder. Records show that he holds 51 million common shares in the company before the initial public offer.
Edgard Corona debuted on the Forbes billionaire list in 2020. That was after Smart Fit’s profits soared by over 20% in the financial year ending 2020. By then, the legendary CEO had amassed a fortune of R$1.1 billion.
35% Increase in Share Price
The share prices obliterated analysts’ expectations. Speculators expected the stock to trade at around R$22.50 on its debut.
Unprecedented share demand saw the share price rise by 20%. Morgan Stanley, BTC Pactual, Santander Brasil, ABC Brasil, and Itau BBA planned the IPO.
Ambitious Plans Ahead
SmartFit had been planning the IPO close to four years. The company was waiting for the right moment and time.
The IPO sought to raise cash to finance the company’s organic growth. SmartFit hopes to use the billions to make some solid acquisitions as well.
About Edgard Corona
Edgard Corona is the founder, CEO of Smart Fit and Bio Ritmo companies. The prolific angel investor also owns over 100 gym studios in Latin America. Go Here for related Information.