SoulCycle, the fitness company with a cult-like following, says, “We aspire to inspire.” On Thursday, SoulCycle aspired to raise a whole lot of cash.
The New York-based company announced plans to sell stock publicly on an exchange, filing for initial public offering (IPO) with the Securities and Exchange Commission. The SEC documents, which include the “inspire” quote, provide a first glance into the financials of the privately held brand.
“Great brands often begin with an authentic and powerful origin story, and at SoulCycle, we created a radically innovative business that has resonated with consumers and the press since day one,” the filing reads. “We believe our riders’ engagement with our brand will continue to attract new riders and allow us to maintain what we believe to be our leading, industry-defining position.”
A SoulCycle spokeswoman was unable to comment further, citing IPO quiet-period restrictions.
The company — which has celebrity fans like Kelly Ripa and Anderson Cooper — provides gyms and fitness classes centered around stationary bikes, a quirky atmosphere of zen, Eastern-inspired sayings, and party elements, like loud music and disco balls. Classes, while pricey, sometimes sell out in minutes.
SoulCycle raked in about $25 million in net income in 2014 and $112 million in revenue, the filing said, netting out to about $4 million per gym or “studio.” Studios currently average 72,000 rides per week and 30% of weekly rides are reserved within the first 15 minutes of availability, the company said.
As part of the filing, SoulCycle detailed expansion plans that could come with the inflow of IPO cash.
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SOURCE: USA Today – Anita Balakrishnan