iFIT Health & Fitness Files For IPO

iFIT Health & Fitness, which sells connected fitness equipment and subscriptions under brands including iFIT and NordicTrack, filed for an initial public offering with the Securities & Exchange Commission to raise up to $100 million.

iFIT Health & Fitness had filed confidentially on March 26, 2021.

In its prospectus, the Logan, UT-based company described itself as, “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 number one 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.”

Total Fitness subscribers grew from approximately 103,000 to 1.1 million between May 31, 2017 and May 31, 2021 representing a CAGR of 81.3 percent. The total number of workouts on its platform expanded from 12.1 million in fiscal 2019 to 34.1 million in fiscal 2020, representing 181 percent growth. In fiscal 2021, members participated in 112 million workouts, reflecting a growth of 229 percent year-over-year.

iFIT, founded in 1977, booked $1.7 billion in sales for the 12 months ended May 31, 2021, up 104.9 percent from $851.7 million in fiscal 2020. In fiscal 2019, sales were $700.0 million. The company generated a net income of $56.6 million during fiscal 2019 with a net loss of $98.5 million and $516.7 million during fiscal 2020 and 2021, respectively.

Proceeds from the offering will be used for general corporate purposes and to make a $35.0 million bonus payment to the co-founder and CEO Scott R. Watterson.

The number of shares to be offered and the price range for the proposed offering have not yet been determined.

iFIT said it intends to list its common stock on the Nasdaq Global Select Market under the ticker symbol “IFIT”. Morgan Stanley, BofA Securities, Barclays, Citi, Credit Suisse, Jefferies, and Baird are the joint bookrunners on the deal.

Logo courtesy iFit

Health & Fitness