30.8 Mln Shares
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After obtaining regulatory sanction, the shares will start trading in the Nasdaq Global Select Market under the ticker symbol IFIT. The group of book-runners would be led by Morgan Stanley (NYSE: MS), Bank of America Securities, and Barclays.
Headquartered at Logan in Utah, iFIT is a market leader in connected fitness software and equipment, with a client base that is spread across the globe. The company, which owns popular brands like NordicTrack and ProFrom, was known as CON Health & Fitness until it was rechristened as iFIT a few months ago, to better represent omnichannel offerings like connected health/fitness software and devices.
At-home Workout
The company’s interactive fitness services, supported by an online workout ecosystem and digital content, witnessed strong adoption during the pandemic due to the shift to at-home fitness routines. After the most recent funding round, the company is valued at $7 billion. Scott Watterson, who co-founded the company, is the current chairman and CEO.
iFIT is estimated to have sold more than 10 million interactive fitness products with a gross merchandise value of $2.8 billion in fiscal 2021. It reported total revenues of $1.75 billion for the year, which is more than double the revenue generated a year ago. However, the company’s net loss widened to $516.7 million from $98.5million in fiscal 2020, hurt mainly by a sharp increase in operating expenses. iFIT’s subscription offering has more than six million subscribers worldwide.
Competition
A few months ago, Xponential Fitness (XPOF) listed its stock pursuant to a $100-million offering, setting the stage for intense IPO activity involving fitness companies. Another fitness firm that went public this year is F45 Training Holdings (FXLV).
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The IPO spree is going to intensify competition, though the fitness market remains largely untapped. It is estimated that fitness and wellness spend would reach around $6 trillion this year. Peloton Interactive, Inc., (NASDAQ: PTON) iFIT’s main rival, has been operating as a public company since 2019.