Town Sports International Holdings, the third largest fitness club operator in the United States with 145 clubs, plans to offer 8.95 million shares at $14 on Thursday. The proposed price falls short of the original $16-18 range recorded in an earlier amendment to its S-1 filed with the SEC. Insiders also reduced the number of shares they plan to sell by 1.05 million. According to lead underwriter Credit Suisse, timing is set for tonight.
