iFIT Health & Fitness, which sells connected home fitness equipment and monthly class subscriptions, announced terms for its IPO on Monday.
The Logan, UT-based company plans to raise $600 million by offering 30.8 million shares at a price range of $18 to $21. At the midpoint of the proposed range, iFIT Health & Fitness would command a fully diluted market value of $6.4 billion.
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.
iFIT Health & Fitness 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. Morgan Stanley, BofA Securities, Barclays, Citi, Credit Suisse, Jefferies, and Baird are the joint bookrunners on the deal. It is expected to price during the week of October 4, 2021.
