iFIT Health & Fitness has officially withdrawn its IPO. The pulled filing caps off a wild eight months for the equipment manufacturer.
Here’s a brief recap…
May 2021: iFIT reports FY21 revenue of $1.7B
July 2021: Buys Kayla Itsines’ SWEAT app for $300M
August 2021: Files to go public
October 2021: Delays IPO, citing adverse market conditions
December 2021: Mass layoffs begin
January 2022: Sued by investor Pamplona Capital Management for $300M for breach of contract
February 2022: Raises $355M as valuation trimmed 60% to $3B / settles Pamplona suit / second round of layoffs / CEO & co-founder Scott Watterson forced out
Big picture: In yanking its public listing, iFIT joins Peloton, Beachbody, and a host of connected fitness companies resetting expectations and reigning in costs as the workout from home gold rush slows.