Peloton’s competitor cites rough waters in the market for the delay.
Global fitness and tech company iFIT has decided to shelve its IPO plans.
Athletech News had recently reported iFIT’s upcoming IPO of its Class A Common stock, but iFIT has decided to wait on embarking on its Wall Street journey.
While iFIT didn’t specify the exact “adverse market conditions” for pulling the initial public offering, some suggest that investor demand may have been lackluster due to external factors and not iFIT alone.
Experts point to high energy costs and inflation as two major causes that have led to apprehensiveness among investors.
In a statement, iFIT notes that the pause is fluid, and it will continue to assess the market and the timing for its future IPO.
Reuters reports that iFIT is the first notable company to postpone its IPO due to the current market conditions. The fitness tech company had planned to raise $646 million.
There is some speculation that iFIT saw the lukewarm response to Life Time Group’s recent IPO. Life Time Group, a posh gym chain, had an offering price of $18 a share.
iFIT’s brand portfolio encompasses NordicTrack, ProForm, Sweat, Freemotion, Weider, and 29029.
Courtney Rehfeldt has worked in the broadcasting media industry since 2007 and has freelanced since 2012. Her work has been featured in Age of Awareness, Times Beacon Record, The New York Times, and she has an upcoming piece in Slate. She studied yoga & meditation under Beryl Bender Birch at The Hard & The Soft Yoga Institute. She enjoys hiking, being outdoors, and is an avid reader. Courtney has a BA in Media & Communications studies.