Shares of Peloton skid on first day of trading
Posted September 26, 2019 7:00 am
NEW YORK (AP) - Shares of connected exercise machine company Peloton skidded in their first day of public trading.
The New York company offered 40 million shares at an initial public offering price of $29 per share, the high end of an expected range of $26 to $29.
The stock opened at $27 and closed Thursday at $25.76, a loss of more than 11%.
Peloton is known for its stationary bikes that allow users to stream workouts live or on-demand. Users pay thousands of dollars for Peloton machines and about $40 per month for a subscription. The company also makes high-end treadmills that cost more than $4,000.
Peloton Interactive Inc., founded in 2012, is listed on the Nasdaq under the "PTON" ticker symbol.
Peloton CEO John Foley, center, celebrates his company's IPO at the Nasdaq MarketSite, Thursday, Sept. 26, 2019 in New York. (AP Photo/Mark Lennihan)
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Peloton CEO John Foley, third from right, celebrates his company's IPO at the Nasdaq MarketSite, Thursday, Sept. 26, 2019, in New York. (AP Photo/Mark Lennihan)
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Peloton CEO John Foley, center, poses with Peloton instructors during the company's IPO at the Nasdaq MarketSite, Thursday, Sept. 26, 2019, in New York. (AP Photo/Mark Lennihan)
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Peloton CEO John Foley, center, stands with President William Lynch, left, and Chief Financial Officer Jill Woodward during the company's IPO at the Nasdaq MarketSite, Thursday, Sept. 26, 2019, in New York. (AP Photo/Mark Lennihan)
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Peloton instructors Jess King, left, Robin Arzon, center, and Rebecca Kennedy attend the company's IPO at the Nasdaq MarketSite, Thursday, Sept. 26, 2019, in New York. (AP Photo/Mark Lennihan)
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Peloton instructors Jess King, left, Robin Arzon, center, and Rebecca Kennedy attend the company's IPO at the Nasdaq MarketSite, Thursday, Sept. 26, 2019 in New York. (AP Photo/Mark Lennihan)
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The Peloton logo is displayed, Thursday, Sept. 26, 2019 in New York. (AP Photo/Mark Lennihan)
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The Peloton logo is displayed on the company's stationary bicycle, Thursday, Sept. 26, 2019 in New York. (AP Photo/Mark Lennihan)
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The Peloton logo is displayed on the company's stationary bicycle, Thursday, Sept. 26, 2019 in New York. (AP Photo/Mark Lennihan)
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The Peloton logo is displayed, center, on the Nasdaq MarketSite, Thursday, Sept. 26, 2019 in New York's Times Square. (AP Photo/Mark Lennihan)
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The Peloton logo is displayed on the company's stationary bicycle, Thursday, Sept. 26, 2019 in New York. (AP Photo/Mark Lennihan)
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