IFit Health & Fitness, which makes NordicTrack equipment, has filed to go public.
iFit is seeking to raise $100 million with its IPO. The company didn’t disclose how many shares it would sell or their price range. That will come with future filings. It will trade on the Nasdaq under the symbol “IFIT,” according to a prospectus.
The $100 million is also considered a placeholder that will change with more information.
BofA Securities and
are underwriters on the deal.
iFit is a health and fitness subscription technology company based in Logan, Utah, and provides fitness equipment like treadmills, bikes, and elliptical machines under the brand names iFIT, NordicTrack, ProForm and Freemotion.
iFit, which has 6.1 million total members and 1.5 million subscribers, is considered a more affordable alternative to
(ticker: PTON). iFit users can stream trainer-led workouts on the treadmill, bike or the Vault interactive home gym. Individuals pay $15 a month to access iFit on-demand content or $39 a month for a family of up to five. This compares to Peloton, which costs $39 a month for its interactive classes.
iFit sells several bikes under the NordicTrack, ProForm, Freemotion and Matrix brands. The NordicTrack Commercial S15i Studio cycle costs $1,599 while the S22i is $1,999. This compares to the Peloton bike which ranges from $1,495 to $2,495.
The IPO comes less than two years since L Catterton, a private equity firm, invested $200 million in iFit in October 2020. The transaction valued iFit at over $7 billion, according to Axios. It’s unclear if L Catterton is selling shares in the IPO; that information will also come with future filings.
Losses for iFit jumped 424%, to $516.7 million, for the year ended March 31 compared to $98.5 million in losses for the same time period in 2020. Revenue more than doubled to $1.7 billion in 2021, the prospectus said. It employs over 2,500 people.
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