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SoulCycle Shelves Plans for U.S. IPO After Three Years in LimboBy
Almost three years after filing for a U.S. initial public offering, SoulCycle Inc. has officially put the brakes on its public market ambitions.
SoulCycle said Friday it has decided not to pursue an IPO “due to market conditions,” according to a filing with the Securities and Exchange Commission. While the New York-based fitness chain first detailed plans for an IPO in July 2015, less than a year later Chief Executive Officer Melanie Whelan said the listing process was “in a holding pattern.”
In its original filing, SoulCycle cited potential risk factors that could negatively impact its revenue growth and profitability, including new competitors entering the indoor cycling market that could lure away riders. The company’s classes, which take place in candelit rooms and are described as a “cardio party,” cost about $34 per session in New York City.
SoulCycle had filed to list on the New York Stock Exchange under the symbol SLCY. Goldman Sachs Group Inc., Bank of America Corp. and Citigroup Inc. were leading the IPO.