iFIT Files for IPO, Could Raise Estimated $800M

iFIT has filed for an IPO that could raise an estimated $800 million, given demand for the connected fitness company.

Formerly known as Icon Health Fitness, iFIT offers interactive workouts, training programs, and instruction from world-class trainers. 

The company owns various fitness brands including FreeMotion and NordicTrack, and has more than 6.1 million members in over 120 counties — including 1.5 million paying subscribers.  

The company generated $1.7 billion in revenue in fiscal 2021, up from $851.7 million during the same period a year prior. 

IFIT is wasting no time bolstering its portfolio in anticipation of an IPO. 

• In July, the company acquired 29029, a producer of endurance hiking events that mirror climbing Mount Everest. Terms of the deal weren’t disclosed. 
• That same month, it acquired women’s health and fitness platform Sweat for a reported $300 million.  

iFIT’s desire to go public is the result of companies looking to benefit from a home fitness equipment market projected to reach $11.45 billion by 2027.