Home Adidas sales NordicTrack Owner iFIT Targets Almost $ 7 Billion Valuation On US IPO,...

NordicTrack Owner iFIT Targets Almost $ 7 Billion Valuation On US IPO, Retail News, ET Retail

IFIT Health & Fitness Inc Seeks To Raise Up To $ 646.15 Million Through A U.S. Initial Public Offering, Valuing Fitness Brand Owner NordicTrack At $ 6.61 Billion dollars, according to a regulatory brief released Monday.

The Logan, Utah-based company said it plans to sell about 30.77 million shares as part of the IPO, at a price of between $ 18 and $ 20 per share.

Demand from manufacturers of fitness equipment has increased during the COVID-19 pandemic, driven by a shift to home workouts, with shares of Peloton Interactive Inc climbing more than 400% last year.

The company, formerly known as ICON Health & Fitness, sells treadmills, stationary bikes, ellipticals, fitness clothing and shoes, among others. Its other brands include ProForm and Freemotion.

Founded in the late 1970s, iFIT has over 6.4 million members. Its record showed that iFIT sold more than 10.1 million interactive fitness products in fiscal 2021 with a gross merchandise value of $ 2.8 billion.

The company raised $ 200 million in October in a funding round led by private equity firm L Catterton, valuing rival Peloton at more than $ 7 billion, Bloomberg News reported.

It is considering listing on the Nasdaq under the symbol “IFIT”. Morgan Stanley, Barclays and BofA Securities are among the underwriters of the offer.

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