iFIT Health & Fitness, which sells connected fitness equipment and subscriptions under brands including iFIT and NordicTrack, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $800 million.
iFIT is the #1 provider of large fitness equipment in the US, selling under brands including iFIT, NordicTrack, ProForm, and Freemotion. In the FY21, the company sold approximately 10.1 million Interactive Fitness Products with a Gross Merchandise Value of $2.8 billion. The company delivers its patented interactive experiences on a range of fitness modalities including treadmills, bikes, ellipticals, rowers, climbers, strength equipment, fitness mirrors, yoga equipment, and accessories. iFIT has a community of over 6.1 million Total Members and 1.5 million Total Fitness Subscribers with members in over 120 countries.
The Logan, UT-based company was founded in 1977 and booked $1.7 billion in sales for the 12 months ended May 31, 2021. It plans to list on the Nasdaq under the symbol IFIT. iFIT Health & Fitness filed confidentially on March 26, 2021. Morgan Stanley, BofA Securities, Barclays, Citi, Credit Suisse, Jefferies, and Baird are the joint bookrunners on the deal. No pricing terms were disclosed.
