SoulCycle, the fitness chain known for its highly produced indoor cycling classes, has filed for an initial public offering, Reuters reports. The company’s filing did not include information about the number of shares for sale or their expected price, though it tentatively plans on raising $100 million.
Elizabeth Cutler and Julie Rice founded SoulCycle as a boutique cycling studio in New York City in 2006, and the company now has 47 locations across the U.S. In 2013, SoulCycle increased its focus on retail, first with a revamped online shop for exercise gear, and later with branded pet accessories, bath products, and children’s clothing.
In a 2013 interview with Fast Company, Cutler and Rice acknowledged the challenges of expanding the brand while maintaining the loyalty of their original customers:
Rice and Cutler don’t seem to be sweating it, though. Instead, they’ll keep pursuing that original vision: make exercise fun, be kind to customers, and cultivate a loyal bike-straddling army that treats each of the company’s innovations as a revelation… With a client base this emotionally invested, one wrong move could leave the company just spinning its wheels. “When people are attached the way that they’re attached to SoulCycle, change feels scary,” says Rice. “[But] I don’t think that we are going to dilute the brand at all.”
Luxury gym chain Equinox purchased a partial stake in SoulCycle in 2011.