INSUBCONTINENT EXCLUSIVE:
Peloton, which debuted its IPO prospectus last month, plans to charge as much as $29 per share in its upcoming Nasdaq listing.In an amended
S-1 filing released Tuesday afternoon, the developer of internet-connected stationary bikes and treadmills announced a proposed price range
of $26 to $29 per share, allowing the company to raise as much as $1.2 billion in its 2019 public offering.At the high end of the proposed
price, Peloton’s valuation would surpass $8 billion
The business is expected to launch its IPO roadshow as soon as Wednesday, according to Bloomberg.New York-based Peloton will trade under the
Morgan Securities are managing the IPO as lead underwriters.Peloton, founded in 2012, raised $550 million in venture capital funding last
year at a valuation of $4.15 billion
In total, the company has attracted $994 million in venture capital investment, according to PitchBook
Its S-1 filing lists CP Interactive Fitness (5.4% pre-IPO stake) — an entity connected to the private equity firm Catterton — TCV
(6.7%), Tiger Global (19.8%), True Ventures (12%) and Fidelity Investments (6.8%) as principal stakeholders, or investors with at least a 5%
stake in the company.Peloton reported an impressive $915 million in total revenue for the year ending June 30, 2019, an increase of 110%
from $435 million in fiscal 2018 and $218.6 million in 2017
Its losses, meanwhile, hit $245.7 million in 2019, up significantly from a reported net loss of $47.9 million last year.The company’s
upcoming float is expected to be one of the largest of the year.
