Peloton rival postpones its IPO
iFIT Health & Fitness, a Peloton rival whose brands include NordicTrack, on Thursday postponed its IPO, citing "adverse market conditions."
Reality check: Two other companies, including one in the fitness space, priced IPOs last night and began trading today.
Details: Utah-based iFIT had planned to raise around $600 million at a $6.4 billion valuation.
- It reported a $517 million net loss on $1.7 billion in revenue for the first half of 2021.
- Shareholders include Pamplona Capital Management and early Peloton backer L Catterton.
iFIT, which claims in its IPO prospectus to be the country's top seller of large fitness equipment with a 40% market share, says it "will continue to evaluate the timing for the proposed offering."