LOGAN – iFIT Health & Fitness, formerly known as ICON, announced it is officially beginning the process of taking the company public. The health and fitness company that started in Logan back in 1977 now owns multiple brands like NordicTrack, ProForm, Sweat, Freemotion and others and does business around the world. According to a company press release, a registration statement relating to the proposed sale of common stock has been filed with the U.S. Securities and Exchange Commission but has not yet become effective.
The company is planning on issuing over 30 million shares of its Class A common stock and underwriters may have a 30-day option to purchase an additional 4.6 million shares of Class A common stock. The initial public offering price is expected to be between $18.00 and $21.00 per share. The shares are expected to trade on the Nasdaq Global Select Market under the symbol “IFIT.”
The company has been aggressive over the last 18-24 months acquiring investment capital, including a $200 million growth equity investment led by Pamplona Capital Management in December of 2019, and another $200 million growth investment from private equity firm L Catterton in October of 2020. Home-based fitness brands exploded during the pandemic across the globe as gyms and joint workout classes shut down and people sought alternatives to stay healthy while in their homes. The company received national attention in December 2020 – along with Logan’s hot economy in general – by cable news outlet CNBC.
On June 10, 2021 the company announced an official corporate name change to iFIT, the software that integrates into all of the company’s hardware and workout equipment. In June, the company reported iFIT had more than five million subscribers in 120 countries. The company added to its growing healthy lifestyle portfolio by acquiring Sweat, an online platform for women’s health and fitness in July of 2021.
Additional details about iFIT’s upcoming IPO are expected to be released within the next several days.