NordicTrack Maker IFit Postpones IPO Citing Market Conditions

08 Oct 2021, 04:21 AM IST

(Bloomberg) -- Exercise-machine maker iFit Health & Fitness Inc. delayed an initial public offering citing adverse market conditions.

The company, whose brands include NordicTrack, ProForm and iFit, said in a Thursday statement that it “will continue to evaluate the timing for the proposed offering.”

It had planned to raise as much as $646 million in the deal.

The VIX Index, a benchmark that measures market volatility, has been creeping up since August, resulting in the delay in some listings. Vista Equity Partner-backed software maker Allvue Systems Holdings Inc. and personal care products manufacturer KDC/One Development Corp. both scrapped offerings in recent weeks.

Life Time Group Holdings Inc., a boutique fitness center backed by TPG and Leonard Green, shrank its IPO size Wednesday night to raise $702 million, after setting a target to raise as much as $966 million.

Logan, Utah-based iFit, previously known as Icon Health & Fitness Inc., 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.

The company operates in 120 countries and has 6.4 million members. Its revenue more than doubled to $1.75 billion during the year ended May 31, according to its filings. Its net loss during that period increased to $517 million from $99 million.