Peloton is officially a public company, with their stock debuting under the ticker PTON on the Nasdaq this morning. To celebrate the IPO, the Peloton team took over Time Square.
After Peloton’s roadshow, the IPO price of Peloton’s stock was set at $29/share, the higher end of the range they estimated in their SEC filings. When the stock hit the market this morning, the price was down to $27. By closing bell, the price sat at $25.76/share, 11% lower than the IPO price.
Despite a less than stellar first day, the company raised $1.16 billion and sold $100 million in stock to a previous investor at the IPO price. The total valuation of the company is estimated to be $8 billion. Based on statements to media outlets, the Peloton team remains optimistic that the stock price will rebound in the near future.
In an e-mail to subscribers earlier today, CEO John Foley said,
We decided to take this step because we believe that raising additional capital will enable us to give you even more of what you know and love about Peloton, plus exciting new things that we’ve only ever dreamed of.
Peloton fans are still waiting to hear about the acquisition mentioned in Peloton’s SEC filing, which is rumored to be either Mirror or Hydrow.
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