NordicTrack Maker Icon Taps Morgan Stanley, BofA For IPO

Icon Health & Fitness Inc. is exploring an initial public offering that could value the exercise-machine maker at more than $7 billion, according to people familiar with the matter.

The Logan, Utah-based company is working with Morgan Stanley and Bank of America Corp. on a potential listing that could come this year, said the people, who asked to not be identified because the matter isn’t public. No final decision has been made and the company’s plans could change, the people said.

Representatives for Icon Health and Bank of America declined to comment. Representatives for Morgan Stanley didn’t immediately respond to requests for comment.

Icon Health is considering an IPO following a pandemic-induced boom in home fitness. Shares in luxury exercise-bike maker Peloton Interactive Interactive Inc., which went public in 2019, have gained 328% in the past year.

Like Peloton, Icon Health offers internet-connected exercise machines and online workout programs under brands including NordicTrack and iFit. Its products include treadmills, rowers and ellipticals.

The companies have a heated rivalry. Icon Health sued Peloton last year for patent infringement while Peloton recently beat back the company’s effort to block U.S. sales of its Bike+.

Icon Health raised $200 million last year from backers including L Catterton and Pamplona Capital Management. The round valued it at $7 billion, a person familiar with the matter said at the time.

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