Fitness First, the world's biggest gym chain, is preparing for a £1.2bn flotation in Asia before the end of this year.
Hong Kong, Sydney or Shanghai are tipped as the favourites for the initial public offering by BC Partners, the private equity group which owns Fitness First.
An Asian listing would be further evidence of the shift to the East of the centre of global economic growth.
Fitness First has 550 clubs, more than 140 of them in Asia.
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