The maker of NordicTrack exercise equipment files to go public and wants to raise $100 million from its IPO
NordicTrack Facebook
- iFit Health, whose exercise equipment brands include NordicTrack, has filed for an IPO.
- The company plans to list Class A shares on Nasdaq under the 'IFIT' symbol but didn't specify how many shares it will offer.
- iFit has 1.5 million subscribers to its fitness platform of live and on-demand classes.
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iFIT Health & Fitness, which makes NordicTrack treadmills and other exercise equipment, is planning an initial public offering from which it's aiming to raise $100 million to compete in the nearly $6 trillion health and wellness market.
The company is planning for its Class A shares to trade on Nasdaq under the ticker symbol "IFIT," according to a filing with the Secuirites and Exchange dated Aug. 31. It didn't specify the number of shares it will offer and didn't list a proposed selling price.
iFit makes interactive treadmills, bikes, ellipticals, yoga equipment and other related products under the iFit, ProForm, Freemotion, and NordicTrack brands, among others. It said it sold about 10.1 million interactive fitness products with a gross merchandise value of $2.8 billion in fiscal 2021.
The company, based in Logan, Utah, has 1.5 million total fitness subscribers to its platform in more than 120 countries as well as 6.1 million total members. It charges $15 a month for individuals, or $39 a month for families up to 5 people, to access its library of live and on-demand content.
"We believe the combination of our proprietary software and experiential content connected with our interactive hardware creates a compelling value proposition for our rapidly growing member base and generates attractive recurring subscription revenue," said iFit in the filing. Bank of America, Barclays and Morgan Stanley & Co. will serve as the underwriters.
One of iFit's rivals is high-end fitness equipment maker Peloton, which went public in September 2019. Peloton last week cut the price of its entry-level Bike by $400 to $1,495 as sales slow following an exercise-bike frenzy fueled by the COVID-19 pandemic.
iFit posted a net loss of $516.7 million during fiscal 2021, wider than its loss of $98.5 million in fiscal 2020. Revenue climbed to $1.75 billion in fiscal 2021 from $851.7 million in the year-earlier period.
The company, citing a Frost & Sullivan report, said spending in the global health and wellness market is projected to hit $5.9 trillion during this year.
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