Strava has confirmed that it has submitted a draft of its proposed intention to take the company public and is now waiting for government regulators within to review the filing.
The San Francisco-based fitness technology company said in a formal notice issued on February 2 to signal to the the U.S. Securities and Exchange Commission that it looks to offer common stock to the public.
The notice was filed confidentially, meaning that Strava’s application is not meant to be examined publicly so that specific information about a planned IPO is not exposed to the marketplace.
According to Strava, the total stock and share price has not been determined, but the company will pursue a public offering once the SEC has completed its review process.
Last month, a report from Reuters the first mentioned Strava taking steps toward the confidential filing after months of speculation. The report, which citied sources familiar with the matter, said the IPO would be timed for the spring.
Strava, which is valued at over $2 billion, has also chosen Goldman Sachs to facilitate the listing after months of assessing investment banks.
Last year the company generated waves in the running technology space after making a high profile acquisition of running training platform Runna for a reported $200 million. The following month it bought cycling training app The Breakaway
After pulling both companies under the Strava brand, CEO Mike Martin noted that soaring revenue was a key catalyst of pursuing the acquisitions.
“When Strava was founded more than 16 years ago, it was created initially for cyclists—these users remain important members of our global community, and we are excited to enhance their experience through this acquisition,” Martin said.
A joint subscription plan for Strava and Runna was announced last July after rumors that major parts of the underlying technology of Runna would be integrated into Strava’s platform.
Strava, founded in 2009, now has more than 150 million active users in 185 countries and is backed by Sequoia Capital, TCV, Jackson Square Ventures, Dragoneer Investment Group and Sigma Partners.
