iFIT Health & Fitness Inc. (IFIT) plans to raise $601 million in an initial public offering on Wednesday, October 6th, IPO Scoop reports. The company will be issuing 30,800,000 shares at a price of $18.00-$21.00 per share.
In the last 12 months, iFIT Health & Fitness Inc. generated $1.7 billion in revenue and had a net loss of $516.7 million. iFIT Health & Fitness Inc. has a market cap of $6.1 billion.
Morgan Stanley, BofA Securities, Barclays, Citigroup, Credit Suisse, Jefferies and Baird acted as the underwriters for the IPO and Cowen, JMP Securities, Raymond James, Truist Securities, William Blair and Telsey Advisory Group were co-managers.
iFIT Health & Fitness Inc. provided the following description of their company for its IPO: “We are a health and fitness subscription technology company, fueled by our passion to innovate, grow and provide meaningful solutions for our members. iFIT is an integrated health and fitness platform, designed to connect our proprietary software, experiential content and interactive hardware to deliver an unmatched connected fitness experience. We are a growing community of over 6.1 million Total Members and 1.5 million Total Fitness Subscribers with members in over 120 countries. We deliver our patented interactive experiences on the industry’s broadest range of fitness modalities, including treadmills, bikes, ellipticals, rowers, climbers, strength equipment, fitness mirrors, yoga equipment and accessories. Driven by the adoption of our iFIT platform, we are the No. 1 provider of large fitness equipment in the United States. In fiscal 2021, we sold approximately 10.1 million Interactive Fitness Products with a Gross Merchandise Value of $2.8 billion. Our brands, including iFIT, NordicTrack, ProForm and Freemotion, are leaders in the fitness equipment industry. Our iFIT operating system provides interactive experiences on all of our connected equipment brands, allowing members to gain access to our full library of iFIT live and on-demand content for $15/month for individuals or $39/month for families of up to five (or $396 when paid annually). We believe the combination of our proprietary software and experiential content connected with our interactive hardware creates a compelling value proposition for our rapidly growing member base and generates attractive recurring subscription revenue. (Note: Revenue and net loss figures are for Fiscal Year 2021, which ended May 31, 2021.) “.
iFIT Health & Fitness Inc. was founded in 1977 and has 2500 employees. The company is located at 1500 South 1000 West Logan, Utah 84321 and can be reached via phone at (435) 786-5000 or on the web at http://www.ifit.com/.
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