iFiT (IFIT) IPO: 7 Things About the Upcoming $6.6 Billion IPO
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iFIT Health & Fitness Inc (NASDAQ: IFIT), a major provider of connected fitness equipment and software, is expected to go public next week. Here are 7 key things to know about the upcoming IFIT IPO.
1) IFIT IPO Date - IFIT is due to go public on October 06. The IFIT stock will start trading under the ticker symbol “IFIT” on the Nasdaq stock exchange. Typically, shares that make their public stock market debuts start trading between 10 AM - 2 PM ET.
2) IFIT IPO Pricing - The company priced its shares between $18.00 and $21.00.
3) Shares Offered - IFIT is looking to sell 30,769,231 shares. The S-1 filing shows the number of outstanding shares after IPO offering would be 314,890,684, or 319,506,068 shares if the underwriters exercise their option in full.
4) IFIT IPO Valuation - At the midpoint of the pricing range, IFIT is looking to raise $600 million. The company is seeking a valuation of between $5.67 billion and $6.61 billion.
5) IFIT Ownership - Prior to the IFIT IPO, co-founder and CEO Scott R. Watterson owns 83.7% of shares. Pamplona and L. Catterton own 8% and 4.5%, respectively.
6) IFIT IPO Underwriters - Morgan Stanley, BofA Securities, and Barclays are the main book-running managers for the proposed IPO. Citigroup, Credit Suisse, Jefferies, and Robert W. Baird are acting as book-running managers and Cowen and Company, JMP Securities, Raymond James, Truist Securities, William Blair, Telsey Advisory Group, AmeriVet Securities, Blaylock Van, Loop Capital Markets and Siebert Williams Shank are acting as co-managers for the proposed offering.
7) IFIT Financials - IFIT reported 1.1 million total fitness subscribers at the end of May this year. Total number of workouts has been 112 million in fiscal 2021. So far, the company has generated $1.74 billion in fiscal 2021, and net income of $516.7 million.
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Related EntitiesCredit Suisse, William Blair, Citi, Raymond James, Morgan Stanley, Jefferies & Co, Robert W Baird, JMP Securities, Barclays, Cowen & Co, S1, IPO
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