SoulCycle, a fitness instruction and clothing company that focuses on indoor cycling, has filed for an initial public offering.
The company filed its IPO with the SEC earlier this week. It hopes to use the money to pay off debt and grow its business with additional studios. The company will also launch a larger marketing campaign and pour more money into social media, web-based services, and workout apparel.
The 10-year-old company, which bills itself as “an aspirational lifestyle brand,” focuses on classes in darkened exercise rooms where party music is blasted and candles are lit to set the mood.
45-minute group classes that can cost anywhere from $20 to $80 per session. Based on spending clients can earn additional perks including “full concierge service” and priority entry.
During its full disclosure to the SEC SoulCylce reveals, “Our studios in the New York metropolitan area and in and around Los Angeles and San Francisco generated approximately 95% of our revenues for [the first quarter of 2015] and 97% of our revenues for  … We may not find as much demand in other markets and our brand may not gain the same acceptance.”
There are approximately 40 SoulCycle locations in the United States, and the company earned $26.5 million in profit last year. More than 300,000 people have tried SoulCycle.
Underwriters for the IPO include Goldman Sachs (FADXX), Bank of America (BAC) Merrill Lynch, Citigroup (C) and Cowen Company.