Planet Fitness stock (NYSE: PLNT) hit the market today, Thursday, Aug. 6. The Planet Fitness IPO is one of the most anticipated deals of the year as the company becomes only the second publicly traded gym company behind Town Sports International Holdings Inc. (Nasdaq: CLUB).

With PLNT stock's debut today, people are wondering, "Should I buy Planet Fitness Stock?"

Here's a closer look at the Planet Fitness IPO and Planet Fitness stock…

Everything You Need to Know About the Planet Fitness IPO

Planet Fitness Inc. (NYSE: PLNT) originally set a price range of $14 to $16 a share for its IPO. The company filed to raise $203 million by selling 13.5 million shares.

Last night, Planet Fitness stock priced at the high end of the range at $16 a share. It raised $216 million, about 86% higher than the $116 million raised by the Town Sports IPO in 2006. Planet Fitness commands a $1.5 billion valuation, which is more than three times the size of Town Sports' pre-IPO valuation of $455 million.

Planet Fitness is one of the largest franchised gym chains in the United States. It has more than 1,000 locations and hopes to quadruple that number down the road. The chain brands itself as a "Judgment Free Zone," which the company describes as "an environment where you can relax, go at your own pace, and just do your own thing without ever having to worry about being judged."

How Does Planet Fitness (NYSE: PLNT) Make Money?

The company is widely known for its low-cost memberships. A standard membership costs $10 a month on average. Premium memberships average $19.99 a month. They offer PF Black Cards that allow members to purchase products from Reebok and other retailers at a discount. Its Black Card membership has grown from 38% of all members in 2010 to 55% in 2014.

Planet Fitness has seen strong sales growth in the last few years. Its adjusted earnings jumped 41.5% from $71.1 million in 2013 to $100.6 million in 2014. Revenue increased from $211 million to $279.8 million over the same period. Same store sales growth rose from 8.4% to 10.8%.

However, the company has $506.4 million in debt as of March 31. That will require large interest payments, which could impede the company's growth.

"We have a substantial amount of debt," the Planet Fitness IPO filing stated, "and our substantial indebtedness could adversely affect our financial condition and limit our ability to pursue our growth strategy."

With all of that in mind, should you invest in Planet Fitness stock?