âSoulCycle, New York, intends to list the common stock in its initial public offering (IPO) under the SLCY symbol on the New York Stock Exchange.
SoulCycle's intention was disclosed in an amendment to its registration statement filed with the Securities and Exchange Commission on Wednesday. The amount of shares, price per share and a date for the IPO has yet to be announced. SoulCycle filed for the IPO in July.
SoulCycle, which charges about $34 for a 45-minute group cycle session, reported revenue of $112 million in 2014 and $117.6 million for 2015 through Sept. 30. The IPO could value SoulCycle as much as $900 million, according to a recent Bloomberg Business report.
SoulCycle operated 48 studios with 12 new studios opened this year as of Sept. 30, according to the amended statement. Ten of the new studios opened between March 31 and Sept. 30, according to the registration statement. One of the studios that opened this year was in Boston on Boylston Street.
Studio expansion is one element of SoulCycle's growth strategy, according to the registration statement. SoulCycle opened 11 new studios in 2014 and 13 studios in 2013.
"We believe there is significant whitespace to continue expanding in both existing and new U.S. markets, with both urban and suburban locations and a long-term opportunity to grow our current SoulCycle domestic footprint to at least 250 studios," SoulCycle said in the statement. "In addition, we believe that the SoulCycle brand can be successfully transported abroad, as demonstrated by international recognition and social media followers, which would represent growth incremental to our planned domestic footprint."
The amended registration statement also included updated details on SoulCycle's operations.
SoulCycle's generated $99 million in studio fees and $18.6 million in "other revenue" for the $117.6 million total revenue through Sept. 30, marking a 49.6 percent total revenue increase over the same period in 2014.
SoulCycle reported 87,078 classes through Sept. 30, marking a 49.8 percent increase over the same nine-month period in 2014. SoulCycle reported just over three million rides through the first nine months, which reflected a 48.4 percent increase over the same period in 2014.
Underwriters for SoulCycle's IPO are Goldman, Sachs & Co.; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Citigroup Global Markets Inc; William Blair & Company LLC; Cowen and Company LLC and RBC Markets LLC.