SoulCycle is going public
SoulCycle is going public.
The New York-based fitness company, which offers indoor spinning classes, filed documents with the SEC on Thursday.
According to the filing, the company earned $112 million in revenues in 2014. It grew from having 12 studios in 2012 to 36 in 2014.
The company describes itself as, a "rapidly growing lifestyle brand that strives to empower our riders in an immersive fitness experience." The company adds that it is, "leading the global trend towards healthy living and a lifelong quest for meaning, wellness and personal growth."
SoulCycle's business is also extremely concentrated geographically, with 97% of its revenues coming from the greater New York, Los Angeles, and San Francisco areas in 2014. In the first quarter of 2015, these regions accounted for 95% of the company's revenue.
Here's how the company has grown over the past few years, via the filing.
SoulCycle, which is described by some as a "cult" describes itself in its filing as having an "immersive culture of inspiration and empowerment contributes to the engaged and connected rider base in each of our studios."
And here's a bigger overview of its financials:
Goldman Sachs, Citigroup, and Bank of America Merril Lynch are the co-leads on the deal, along with William Blair, Cowen, and RBC Capital Markets.