[Editors' Note: SoulCycle withdrew its IPO in 2018. The original version of this article misstated that the withdrawal just occurred in May 2019. Club Industry apologizes for this error.The story has been revised to reflect this information.)
The news of Peloton starting its initial public offering (IPO) harkens back to the pursuit that SoulCycle, New York, also made for an IPO, a process that SoulCycle withdrew from back in May 2018, citing ‘market conditions." At that time the company kept the door open to a future IPO filing stating that the fees the company paid in its IPO pursuit could be credited for future use.
SoulCycle, which is owned by Equinox Holdings, began pursuing an IPO in July 2015 and had stated that it had planned to raise $100 million through the IPO to pay off debt and expand the company.
SoulCycle CEO Melanie Whelan told CNNMoney in 2018 after the announcement was made that the company no longer needed the capital from an IPO.
"Our business continues to be profitable and we remain intently focused on driving sustainable, long-term growth," wrote Whelan in an email to CNNMoney. "We are backed by well-capitalized private shareholders who maintain a long-term view on the business."
SoulCycle started in 2006 and has grown to 90 locations in 15 markets.