Peloton rival iFIT postpones IPO as volatility concerns grow – Reuters

A specialist trader works inside a booth on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 6, 2021. REUTERS/Brendan McDermid
Oct 7 (Reuters) – IFIT Health & Fitness Inc postponed its U.S. initial public offering on Thursday, citing unfavorable market conditions that have investors worried about growing volatility in capital markets.
While the United States has recently enjoyed a bull run in its capital markets, defaults at Chinese property developers tied to the fate of cash-strapped Evergrande, record-high energy costs and inflation have stoked investor worries and market swings.
IFIT is the first major company to shelve its IPO in the United States due to this heightened stock market volatility and follows several European companies, including France's Icade Sante, that have put their IPO plans on ice.
Allvue Systems Holdings, an alternative investment technology solutions provider, last week said it would postpone its New York IPO, citing adverse market conditions.
Logan, Utah-based iFIT, which was earlier known as ICON Health & Fitness, said it would continue to evaluate the timing for its IPO.
IFIT sells treadmills, stationary bicycles, elliptical trainers, fitness apparel and footwear, among other things. Its other brands include ProForm and Freemotion.
The company traces its roots to the founding of Weslo Inc in 1977, a predecessor company. IFIT, which now has more than 6.4 million members, according to its filing, sold interactive fitness products with a gross merchandise value of $2.8 billion in fiscal year 2021.
A successful IPO by the company would build on the momentum gained from demand increasing sharply last year as people took to at-home workouts during the COVID-19 pandemic with health clubs and gyms shut down to curb the spread of the virus.
The company was valued at over $7 billion in a funding round in October in which it raised $200 million from private equity firm L Catterton and existing backer Pamplona Capital Management.
Our Standards: The Thomson Reuters Trust Principles.
Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
Facebook Inc confirmed on Friday that some users were having trouble accessing its apps and services, days after the social media giant suffered a six-hour outage triggered by an error during routine maintenance on its network of data centers.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Information, analytics and exclusive news on financial markets – delivered in an intuitive desktop and mobile interface.
Access to real-time, reference, and non-real time data in the cloud to power your enterprise.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2021 Reuters. All rights reserved

source