Edgard Corona, the owner and CEO of the renowned fitness
company Smart Fit, has seen his fortune soar as the company’s stock rose by 35%
on its first  day of trading. This extraordinary achievement has propelled his
net worth to new heights, making him a billionaire in the process. 

The smartly executed Initial Public Offering (IPO) of Smart
Fit  generated a staggering sum of R$2.3 billion, firmly establishing the
company’s position in the market. As a result, Corona’s stake in the company
now stands at around 9%, contributing significantly to his estimated fortune of
R$1.6 billion, according to Forbes. 

Despite the dilution of his ownership due to the IPO, Corona
remains the majority shareholder of Smart Fit, holding over 51 million ordinary
shares . His unwavering commitment to the company’s mission and vision has been
instrumental in its success, and he has chosen not to sell any of his shares. 

In 2020, Forbes estimated Corona’s wealth at R$1.1 billion
following Smart Fit’s impressive growth, with a 21.3% in crease in profits
during the first half of the year compared to the same period in 2019.

The pricing of Smart Fit’s shares exceeded the midpoint of
the indicated price range disclosed in the prospectus, surpassing R$22.50 per
share. The demand for the company’s stock was overwhelming, with a volume 20
times higher than the number of shares available for purchase. The IPO was
coordinated by renowned institutions, including Itaú BBA, Morgan Stanley,
Santander Brasil, BTG Pactual, and ABC Brasil . 

Smart Fit’s IPO has been part of the company’s plans since
December 2018 when it expressed its intention to be listed on the Novo Mercado,
a segment of B3 known for its stringent corporate governance rules. Delaying
the offering in pursuit of a better valuation, Smart Fit has now taken a
significant step towards realizing its growth ambitions by raising billions of
reais through the stock market  debut. 

Edgard Corona’s steadfast dedication and strategic
decision-making have catapulted his fitness empire to remarkable heights. As
Smart Fit continues its expansion, guided by Corona’s visionary leadership , one
can only anticipate further success and milestones to come. 

In conclusion, Edgard Corona’s journey as the owner of Smart
Fit is an inspiration to entrepreneurs and investors alike, demonstrating how a
vision, combined with perseverance and sound strategy, can lead to phenomenal
achievements in the business world.