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SoulCycle cancels its IPO

SoulCycle spin bikes.
Photo by Ari Perilstein/Getty Images

Soulcycle on Friday withdrew registration for an initial public offering, citing "market conditions."

Reality check: The markets are quite receptive to growth company IPOs right now, but there have been several developments since SoulCycle first filed for the IPO in July 2015 — such as the hiring of Melanie Whelan as CEO, the early 2016 departure of company co-founders Julie Rice and Elizabeth Cutler, and the growth of at-home spin class rival Peloton.