The fitness equipment and workout platform iFIT filed an initial public offering on Tuesday in an attempt to prove that home training trends aren’t just a pandemic trend.
The Utah-based company was previously called ICON Health & Fitness, but changed its name last month before it announced its IPO. The company sells a wide range of home fitness equipment, including treadmills, ellipticals, bikes, and rowers from its NordicTrack, Pro-Form, Freemotion and Matrix brands.
iFIT has also created its own proprietary app that integrates with equipment to track workouts and offer consumers a wide variety of classes available for streaming or recording.
Home workouts increased dramatically during the pandemic as gyms closed and consumers searched for safe alternatives to stay in shape.
Indeed, the manufacturer of high-end fitness equipment Peloton raised $ 1.16 billion in an initial public offering at the end of 2019 at a price of $ 29 per share, only to see this price rise to over $ 160 earlier this year. Peloton is currently trading just over $ 100 per share.
iFIT did not say how many shares it would sell or a price range, but was recently valued at over $ 7 billion in its last funding round in late 2020 and is expected to reach a higher valuation than that. of its initial public offering, according to The Wall Street Journal.
In July, iFIT sought to further increase its valuation with the acquisition of Sweat, a women’s fitness app founded in 2015 that offers 5,000 workouts through 26 exercise programs.
The company racked up 1.1 million subscribers on its platform in May, up from just 103,000 in 2017, iFIT noted in its filing with the Securities and Exchange Commission.
iFIT also ran 112 million workouts in fiscal 2021, an increase of 229% from 2020, when the company ran 34.1 million workouts.
In fiscal 2021, the company generated revenue of $ 1.745 billion, up 21% from the same period last year, when iFIT generated $ 851 million.
While the company has benefited greatly from the home care trends of the pandemic, it has also highlighted the risks of reversing these trends as the economy recovers.
“Although we have experienced a significant increase in our membership base since the onset of the global pandemic, it remains uncertain about the impact of the global pandemic on consumer demand for our products and services and consumer preferences in general. and the effect on demand after the pandemic. The company said in its file.
Morgan Stanley, BofA Securities and Barclays Capital are the main underwriters of the transaction.
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