iFIT watching markets for right moment to make public stock offering
Although the Logan-based fitness equipment giant iFIT put a hold on its planned initial public stock offering early this month, the company has by no means shelved the endeavor.
On Oct. 7, iFIT cited “adverse market conditions” in postponing its highly anticipated IPO, intended to raise nearly $650 million with an initial market cap (total stock value) of $6.6 billion.
“It’s been a bumpy ride in the stock market over the past four weeks, and we just decided that because we didn’t have to go public, we didn’t,” iFIT spokeswoman Colleen Logan told The Herald Journal on Monday. “It’s simply a postponement, and we’re hoping to just keep an eye on the market and see how things are and go back out.” Read the rest of the story on HJnews.com.
This story is made possible thanks to a community reporting partnership between The Herald Journal and Utah Public Radio.