IFIT Health & Fitness Inc, owners of NordicTrack, ProForm, and Freemotion, has announced the upcoming launch of its IPO. The announcement included the plan to list on the Nasdaq with the symbol IFIT and sell just over 30 million shares of its Class A common stock. The IPO price is expected to be between $18 and $21 per share, which would value iFIT at over $6 billion.
In business for over 40 years, iFIT has become one of the world’s largest fitness manufacturers of treadmills, stationary bikes, ellipticals, rowers, and other connected fitness tech.
Its latest filing shows iFIT in fiscal 2021 has:
- sold over 10 million connected fitness products
- generated a revenue of over $1.7 billion (compared to $851 million in 2020)
- has over 6.4 million members across more than 120 countries
- has over 1.5 million connected fitness subscribers
- a digital fitness library with more than 17,000 workouts
The public IPO could help iFIT raise as much as $646 million.
Connect The Watts’ Take
iFIT, like Peloton, had a tremendous year for growth over the past year with record-shattering sales for both fitness equipment and digital subscriptions. However, also like Peloton, iFIT is currently operating at a slight loss.
Despite its negative operating margin, iFIT seems well positioned to continue their growth both in the US and internationally.