iFIT postponed its IPO on Thursday, citing adverse market conditions after planning to raise up to $646 million.
Reports in August suggested that the company could have even blown past that figure to raise as much as $800 million. Now, it will “continue to evaluate the timing for the proposed offering.”
iFIT joins Life Time Group as another fitness company recently impacted by market volatility. Life Time, which is backed by private equity firm TPG, decreased its IPO size to $702 million on Wednesday, down from $966 million.
iFIT — which already owns various fitness brands including ProForm and NordicTrack — had made multiple acquisitions in anticipation of an IPO.
- In July, the company acquired 29029, a producer of endurance hiking events.
- That same month, it acquired women’s health and fitness platform Sweat for a reported $300 million.
iFIT, formerly ICON, generated $1.7 billion in revenue in fiscal 2021, up from $851.7 million during the same period a year prior. Last year, it raised $200 million in a funding round led by LVMH-backed firm L Catterton, valuing the company at $7 billion.