A bunch of fitness companies have jumped into the IPO market this year. It’s not working out.

It may have, based on Thursday’s market, which saw the latest fitness company to go public — Life Time Group Holdings — flounder in early trade, while another expected this week, iFit Health & Fitness, postponed its deal, citing adverse market conditions.

F45, a fitness studio franchisor backed by actor, producer and fitness fan Mark Walhberg, raised $325 million at a valuation of $1.5 billion. Xponential, a boutique fitness brand franchisor and owner of brands including CycleBar and Pure Barre, raised $120 million. “Peloton and iFit are kind of 80/20 equipment versus subscriptions, with equipment a sort of one-time buy for life,” Liu told MarketWatch. “What they want is to build subscriptions by investing in content so that will be their future revenue base.”

The most exposed companies in the space are pure platforms, as they sell subscriptions that require constantly updated content and new trainers to avoid their customers getting bored of repeating the same routine for months. For F45, the FHR stood at 31 at year-end, compared with 30 in December of 2019, before the start of the pandemic.

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