IHF Capital Inc., the holding company for ICON Health & Fitness Inc., a manufacturer of exercise equipment headquartered here, said Friday it has withdrawn its proposed initial public stock offering.

Company officials did not explain their reasons for withdrawing the IPO, first registered with the Securities and Exchange Commission last May."After looking at it, they just decided not to do it," a spokesman said.

ICON announced in July it would acquire Salt Lake-based HealthRider Inc., also a manufacturer of exercise equipment, for an undisclosed price. Both ICON and HealthRider are currently privately held companies. ICON's main shareholder is said to be Bain Capital, a Boston-based investment firm.

ICON was founded in 1977 by Scott Waterson and Gary Stevenson. Originally known as Weslo, its product line includes such brand names as ProForm, Weslo, Image, Weider, WeiderCare and Jump-King. It manufactures exercise bikes, treadmills and other fitness products.

For its fiscal year ended May 31, ICON had revenues of $747.5 million. The company has manufacturing plants in Logan, Smithfield and Clearfield, Utah; Garland, Texas and Denver, Colo.