It’s been a year like no other for Minnesota companies going public through initial public offerings. Now Chanhassen-based Life Time Group Holdings Inc., the fitness chain that is expanding into coworking and other lifestyle categories, is joining the party. Late Monday, the company announced that it had filed its registration with the U.S. Securities and Exchange Commission to go public.

The company’s announcement included the standard legal caveats: “The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.”

The filing outlines plans to raise up to $100 million through the IPO.

But Connecticut-based Renaissance Capital, which tracks IPOs, thinks that Life Time will look to raise more: “The deal size is likely a placeholder for an IPO we estimate could raise $500 million.”

The actual per-share offering price of the stock and the total amount of money to be raised are always moving targets which can change up until the night before the IPO.

SEC filings show that Life Time confidentially filed to go public 10 weeks ago on June 28. The word on confidential filings often leaks out before the company’s own announcement, but not in this case.

So far this year, at least six Minnesota companies have gone public.

Life Time’s filing also lays out how big a hit the company took from the Covid-19 pandemic and mandated shutdowns. For 2019, the company reported revenue of $1.9 billion. For 2020 that dropped to $948 million — a sharp 50 percent drop. The company also recorded a net loss of $360 million last year.

The company has more than 150 athletic centers in 29 states and the Canadian province of Ontario. It currently has nearly 1.4 million individual members. The company has 22 athletic centers in Minnesota, second only to Texas, where it has 25. The company describes itself as a “premium lifestyle brand.”

In 2018 it launched Life Time Work, a new coworking business.

The company’s web site touts a “grand opening event” for its long-awaited Life Time Work location in downtown Minneapolis on September 23. Life Time had originally announced plans for the 53,000-square-foot space in March 2020 just before the pandemic hit. Life Time Work currently has 7 locations across the U.S., including outlets in St. Louis Park and Edina at the Southdale mall.

Bahram Akradi, who founded the company in 1992, is now 60 years old. Akradi is both chairman and CEO for Life Time.

Life Time was previously public but went private in 2015. The company, then Life Time Fitness Inc., reported revenue of $1.3 billion for 2014, its last full year as a public company.