SoulCycle CEO: IPO in ‘Holding Pattern’

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SoulCycle CEO Melanie Whalen said the company’s IPO plans are currently in a “holding pattern.”

Whalen made the statement and offered some other insights Wednesday at a forum hosted by a members-only cultural society called IVY in New York, Bloomberg reported.

The IPO plans are on hold because of the volatility in the stock market over the past 10 months, according to the report.

Related: SoulCycle Founders Resign from Company

Whalen also addressed the differences between SoulCycle and competitors Flywheel andPeloton.

“At its heart, SoulCycle has created a workout that doesn’t feel like work — it’s social, it’s joyful and it gives people a way to connect,” Whelan said during the Q&A. “Flywheel does something very different to what we do. They are about technology, data and competition.”

Whalen added Peloton, which offers a streaming subscription service for home users, has “a great technology platform,” and said, “ultimately, there is potential for us to get into that business longer term.”

SoulCycle is expanding in five new markets (including recent additions in Philadelphia andHouston) but does not currently have plans to open studios overseas, Whalen said in the report.

Last month, SoulCycle co-founders Elizabeth Cutler and Julie Rice resigned from the companyto pursue new projects.