iFIT Health & Fitness, which sells connected home fitness equipment and monthly class subscriptions, postponed its IPO on Thursday, citing adverse market conditions. It had filed to raise $600 million by offering 30.8 million shares at a price range of $18 to $21.
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 had planned to list on the Nasdaq under the symbol IFIT. Morgan Stanley, BofA Securities, Barclays, Citi, Credit Suisse, Jefferies, and Baird were set to be the joint bookrunners on the deal.
