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Peloton's IPO doesn't go to plan – but company still valued at US$7.2bn
By Tom Walker
Peloton CEO John Foley
Shares in Peloton have fallen 14 per cent below their initial value since the company listed on the US-based NASDAQ on 26 September.
The indoor cycling giant offered 40m shares to the open market at US$29 each – but the value of the shares has since plummeted to US$25.10.
Doing so, Peloton became the latest in a long list of tech-oriented start-ups to have experienced a lack-lustre IPO – such as peer-to-peer ridesharing firms Uber and Lyft.
According to data from Bloomberg, Peloton's IPO marks the third-worst trading debut in 10 years in the US for companies that have raised at least US$1bn.
The company is still, however, valued at US$7.2bn.
Peloton was founded in 2012 by John Foley, Tom Cortese, Hisao Kushi, Yony Feng and Graham Stanton.
Peloton has lost around 14 per cent of its market value since it listed on the US-based NASDAQ on
26 September.
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