iFIT Health & Fitness, which sells connected home fitness equipment and monthly class subscriptions, withdrew its plans for an initial public offering on Wednesday. It had filed to raise $600 million by offering 30.8 million shares at a price range of $18 to $21, but postponed in October 2021.
In February, the company announced a $355 million capital raise anchored by L Catterton.
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.
The Logan, UT-based company was founded in 1977 and booked $1.7 billion in revenue 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.
