Peloton falls below IPO price
Peloton, the indoor fitness brand, began trading at $27 a share on Thursday, or nearly 7% below its IPO price. At its IPO price, Peloton was valued at about $8 billion, or roughly double its private market valuation one year ago. Peloton is best known for its internet-connected indoor bikes and subscription cycling classes that can be streamed live or on-demand into homes. Peloton generated $915 million in revenue in its most recent fiscal year, ending June 30, according to its IPO prospectus. Founded in 2006, SoulCycle is the industry veteran and its IPO was expected to value the company at around $900 million.