Basic-Fit enjoyed a bumpy start to life on the Amsterdam Stock Exchange today (10 June) as shares slid by three per cent in early trading.

The first day of trading for Europe’s largest budget health club chain saw an introductory share price of €15, implying a market capitalisation of €820m and an enterprise value of €994m. However, the share price slid to a low of €14.37 on Friday morning, before making a slight recovery.

Basic-Fit has offered 48.8 per cent of its shares to the market, according to a company statement, as London-based private equity backer 3i Group cashes in on the €110m investment it made in 2013. Basic-Fit says the money raised from the listing will give it greater financial flexibility and allow for the continued implementation of its growth strategy.

“The listing process has been an exciting journey and we are pleased with the response of both institutional and retail investors to Basic-Fit,” said René Moos, CEO and co-founder of Basic-Fit, who will remain a significant long-term shareholder.

“The level of interest in our IPO underpins our strong belief that we have an attractive investment growth and value-creation opportunities, with a strong margin profile and cash generation. We look forward to further expanding our leading European market position together with our new shareholders and thank them for their trust in our company and our strategy.”

The listing of Basic-Fit – which boasts 351 clubs across the Netherlands, Belgium, Luxembourg, France and Spain – adds to the recent flurry of fitness market IPO activity. Last month saw Technogym go public in Italy, following on from The Gym Group’s IPO last November, while Pure Gym and The Bannatyne Group are also thought to be lining up listings.