John Foley, co-founder and chief executive officer of Peloton Interactive Inc., center left, rings the opening bell during the company’s initial public offering at the Nasdaq MarketSite in New York on Sept. 26, 2019. Peloton fell as much as 9.5% Thursday after raising $1.16 billion in its U.S. IPO, becoming the latest unprofitable startup to fail to win over investors in its trading debut. (Photo: Michael Nagle/Bloomberg)
Peloton's stock opened at $27 on Thursday with a total market value of $7.7 billion.
September 26, 2019 at 04:39 PM
1 minute read
Peloton Interactive Inc., the fitness startup known for on-demand workout programs on its exercise bikes, is now a public company.
In its updated IPO prospectus, filed on Wednesday, Peloton said it expects to raise $1.16 billion in the IPO and initially valued the company at $8.1 billion. The amended S-1 filing also revealed that its two law firms, Fenwick & West and Latham & Watkins, are getting $2.55 million in legal fees and expenses for the digital fitness company’s IPO work.
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