FXLV - NordicTrack parent iFIT Health files for initial public offering

iFIT Health & Fitness, the owner of NordicTrack, filed plans for an IPO. iFit aims to raise $100M through the initial public offering, although that’s likely just a placeholder, according to an S-1 filing. The company intends to apply to list its stock in the Nasdaq under the ticker "iFIT." iFit, which competes with Peloton Interactive (NASDAQ:PTON), was recently valued at more than $7B in its most recent funding round late last year. Peloton's market cap is about $30.5B. iFIT's revenue for the year ended May 31 rose almost 105% from the year earlier period, while the net loss widened to $516.7M from $98.5M. In early March, Bloomberg was first to report that iFIT was working with Morgan Stanley and BofA on a potential listing this year. Morgan Stanley, BofA and Barclays are lead underwriters on the deal. iFIT in July agreed to acquire online fitness training platform  Sweat for a reported priced of around $300M.

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NordicTrack parent iFIT Health files for initial public offering