Peloton drops below IPO price, debuting on Wall Street

Peloton drops below IPO price, debuting on Wall Street

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Peloton drops below IPO price, debuting on Wall Street

Fitness brand Peloton ended its first day of trading 11% below its IPO price. The humble debut resembles Uber, which also fell on its first day of trading.

Peloton priced its shares at $ 29, the highest of its previously proposed price range. At the IPO price, the Peloton was valued at about $ 8 billion, roughly double the estimate a year ago..

Peloton is known for its internet-connected exercise bikes and subscription fitness courses that can be watched live or on demand. In addition to the $ 2,245 exercise bikes, the company also sells a $ 4,295 treadmill with an HD touchscreen for viewing activities. Customers pay $ 39 per month for a subscription.

The company was founded in 2012 by a group of five people – John Foley, Tom Cortese, Hisao Kushi, Yoni Feng and Graham Stanton..Peloton drops below IPO price, debuting on Wall Street Foley, CEO, formerly president of Barnes’ e-commerce division & Noble.

In an interview Thursday with CNN chief business correspondent Christina Romance, Foley admitted that «a little disappointed» initial placement results.