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SoulCycle Files for $100M Common Stock IPO

July 30, 2015 2:42 PM EDT

(Updated - July 30, 2015 2:45 PM EDT)

SoulCycle, Inc., filed a registration with the U.S. SEC for an IPO of its Common Stock. The proposed maximum offering price is $100 million.

Underwriters on the offering are Goldman, Sachs & Co., BofA Merrill Lynch, Citigroup, William Blair, Cowen and Company, and RBC Capital Markets.

Key points and financials:

  • Expanded studio count from 12 studios in 2012 to 36 studios in 2014, representing a compounded annual growth rate “CAGR” of 73%;
  • Increased classes conducted and rides from approximately 25,000 and 969,000 in 2012 to over 81,000 classes and 2.9 million rides in 2014;
  • Expanded total revenue from $36.2 million in 2012 to $112.0 million in 2014, representing a CAGR of 76%;
  • Increased Adjusted EBITDA from $11.2 million in 2012 to $35.7 million in 2014, representing a CAGR of 78% and an Adjusted EBITDA Margin of 32% in 2014; and
  • Increased income from operations from $7.8 million in 2012 to $26.5 million in 2014.

SoulCycle is a "rapidly growing lifestyle brand that strives to empower our riders in an immersive fitness experience," according to the company.



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