What happened
Shares of Peloton Interactive (PTON -0.98%) were running 5.8% higher in morning trading Thursday after iFIT, the owner of rival fitness equipment maker NordicTrack, said it was delaying its initial public offering due to "adverse market conditions."
So what
iFIT Health & Fitness had planned to debut on the Nasdaq Stock Market under the ticker symbol IFIT at price ranging between $18 and $21 per share, but said the uncertainty in the markets would have it evaluate whether to go public at some future time.
Image source: Getty Images.
The fitness equipment manufacturer sells treadmills and stationary bicycles like Peloton, having also entered the connected fitness market, but it also sells a broad range of other devices including elliptical trainers, fitness apparel, and footwear. iFIT had $1.75 billion in revenue in fiscal 2021, up 105% from the previous year. In comparison, Peloton had $3.2 billion in revenue.
Now what
The connected fitness space is increasingly crowded and just because iFIT isn't a publicly traded company doesn't mean Peloton can ignore the threat. iFIT bills itself as having the leading market share in the U.S. by total number of large exercise equipment units.
Also, its breadth of products means the two-note luxury brand Peloton Interactive really can't relax because of an IPO delay.
