SoulCycle formally requested to withdraw its IPO registration on Friday, but it doesn't mean the fitness company is down for the count.
In an SEC filing on Friday, CEO Melanie Whelan said the fitness and lifestyle company "decided not to pursue the offering due to market conditions," but also requested fees paid in connection with the IPO be credited for future use — suggesting the boutique fitness and lifestyle company just may try again in the future.
When SoulCycle initially filed for an IPO in 2015, the company said it hoped to raise at least $100 million, a placeholder figure, to pay off debt and open studios.
As recently as March 12, SoulCycle rival Peloton was reportedly seeking $120 million more in funding, which would push its valuation to $1.2 billion, Bloomberg reported.
Disclosure: Comcast, the parent company to NBCUniversal and CNBC, is an investor in Peloton.