- GeneralIPO
- December 31, 2020
- 4 minutes read
Peloton Rival Icon Said To Eye 2021 IPO
The fitness equipment company Icon Health, best known for its NordicTrack brand of exercise equipment, is aiming for initial public…
The fitness equipment company Icon Health, best known for its NordicTrack brand of exercise equipment, is aiming for initial public offering (IPO) next year and has asked banks to pitch for roles in its offering, Business Insider reports, citing two unnamed sources.
Icon Health is a well-established privately-held company so it wouldn’t be surprising that it’s aiming for an exit on the public markets. The Utah-based company, owning well-known brands such as NordicTrack, ProForm, and iFit, posted over $1 billion in revenue in the 12 months through September 2020, the company says.
Icon Health was valued at $7 billion after a $200 million investment led by the private equity firm L Catterton this October. Altogether, the company has raised about $400 million in outside funding.
An IPO for Icon Health would definetly be iconic, given that Icon has been a private company in its over 4 decades of existence. The Utah-based company is one of the biggest fitness equipment makers both in the US and globally, having a diverse business that’s spread across 116 countries.
Notably, the anchor investor in Icon, L Catterton, is also a significant shareholder in one of Icon’s main rivals, Peloton. L Catterton backed Peloton in its early-stage before it debuted on the public markets and held a 5.4% stake in the company at the time of its IPO.
Peloton took its rivalry with Icon Health to a greater level by suing the company for alleged patent infringement in May this year and saw a corresponding countersuit come from Icon Health this October.
Photo credit: Icon Health
