IFIT’s corporate headquarters are located at 1500 South 1000 West in Logan, Utah.
LOGAN – iFIT Health & Fitness, formerly known as ICON, has announced that it is officially starting the process of going public with the company. The health and fitness company that started in Logan in 1977 now owns several brands like NordicTrack, ProForm, Sweat, Freemotion and others and does business around the world. According to a press release from the company, a registration statement relating to the proposed sale of common shares has been filed with the United States Securities and Exchange Commission but has not yet become effective.
The company plans to issue more than 30 million Class A common shares and the underwriters may have a 30-day option to purchase an additional 4.6 million Class A common shares. initial should 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 past 18-24 months in acquiring private equity, including a $ 200 million growth capital investment led by Pamplona Capital Management in December 2019, and another $ 200 million growth investment. million dollars from private equity firm L Catterton in October 2020. Home fitness brands exploded during the pandemic across the world as gyms and joint workout classes closed and people searched for alternatives to stay healthy at home. The company gained national attention in December 2020 – along with Logan’s vibrant economy in general – through cable media CNBC.
On June 10, 2021, the company announced an official name change to iFIT, the software that integrates with all of the company’s workout hardware and equipment. In June, the company announced that iFIT had more than five million subscribers in 120 countries. The company added to its growing healthy lifestyles portfolio by acquiring Sweat, an online platform for women’s health and fitness in July 2021.
More details on iFIT’s upcoming IPO are expected to be released in the coming days.
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