Brazil-based gym chain SmartFit raised at least BRL2.3b in its IPO. Existing investor CPP Investments converted preferred shares to common for a 12.4% interest in the company. CPP Investments originally invested in the company in 2019.

(The Rio Times) RIO DE JANEIRO, BRAZIL – Smart Fit, the São Paulo-based largest sports gym chain in Latin America, has been advised by the Toronto-based Canada Pension Plan Investment Board (CPPIB) that, after the processes of stock split and conversion of shares from preferred to common, and the initial public offering of the company held this week, CPPIB became the owner of 12.4% of the shares of the fitness center chain…