SoulCycle Inc., a fitness chain with feel-good indoor cycling classes that generally cost $34 for 45 minutes, filed for an initial public offering Thursday.
The company, which describes its indoor cycling class experience as a “carefully curated cardio party,” filed with a $100 million placeholder, a figure used to calculate registration fees that may change. It plans to use the proceeds from the IPO to repay debt and for capital expenditures.
SoulCycle’s classes are set in dark, candle-lit studios, featuring “inspirational coaching” and “high-energy music.” SoulCycle is the third consumer-fitness company to file to go public in as many months. Its mission is to “bring soul to the people,” according to the prospectus.
Planet Fitness Inc., a chain with a “judgment-free approach” to physical fitness, filed for an IPO in June and is seeking to raise as much as $216 million next week. FitBit Inc., the maker of wearable fitness trackers, filed in May and last month raised $841 million in an increased offering, including an overallotment. Its shares have more than doubled.
Based in New York, SoulCycle had 300,000 unique riders in 38 studios across the U.S. at the end of March, according to the regulatory filing. The chain started in 2006 as a single, 31-bike indoor cycling studio in Manhattan.
The company said in a separate statement Thursday it named operating chief Melanie Whelan chief executive officer. Founders Elizabeth Cutler and Julie Rice are co-chief creative officers.
Revenue at SoulCycle climbed to $112 million in 2014 from $75 million in the year-earlier period, the prospectus shows. Net income increased to $25 million from $18 million in 2013.
The classes follow a signature format, including 35 to 40 minutes of riding, an upper-body strength series for five to eight minutes using hand weights, and a three-minute cool down.
Goldman Sachs Group Inc., Bank of America Corp. and Citigroup Inc. are managing the offering, the prospectus shows.
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