SoulCycle Inc. laid out plans for an initial public offering Thursday in an S-1 filing with the Securities and Exchange Commission.
The filing, which was made a day after The Wall Street Journal published a report outlining growth of the boutique fitness industry, shows Soul Cycle earned $25.3 million in net income on $93.8 million in sales in the fiscal year ended December 31.
While the number of shares to be offered and the price range for the proposed offering have not yet been determined, Soul Cycle's S-1 says the company would use proceeds to pay down debt, taxes and for general corporate purposes.
The offering is being made through an underwriting group led by Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Citigroup Global Markets Inc. Acting as co-managers are William Blair & Company, LLC, Cowen and Company, LLC, and RBC Capital Markets, LLC.
In 2006, SoulCycle introduced an innovative model of boutique cardio fitness to the marketplace, reinventing indoor cycling. Since inception, SoulCycle has attracted riders with an immersive fitness experience that enables them to release stress, burn fat, tone muscle, improve aerobic endurance and change their bodies. SoulCycle combines a mental component of inspirational coaching with great music and a full-body workout on the bike. Not only do riders burn calories, get an intense 45-minute cardio workout, but using the SoulCycle Method, they simultaneously tone their upper bodies with hand weights and core exercises.
The SoulCycle experience was created to be a high energy, results-oriented, community-based workout. The goal is for each rider to feel important and connected to the brand as a result of the well-trained staff and personal customer attention. The exercise program focuses on the “energy of the pack” and creates a strong community bond between riders. The rhythm-based rides in candlelit studios make riders feel like they are partying in a healthy nightclub. Unique playlists set the tone for each ride.
