Peloton's stock opens 6.9% below its IPO price — and keeps falling
Peloton Interactive Inc.'s stock PTON, -6.07% got off to a weak start Thursday, as it opened 6.9% below the initial public offering price. The first trade was at $27.00 at 11:57 a.m. Eastern for 6.9 million shares, and has since declined further to trade down 8.3%.
The IPO priced late Wednesday at $29, which was at the top of the expected range of $26 to $29. The seller of connected exercise machines and fitness classes offered 40 million shares in the IPO to raise $1.16 billion at a valuation of about $8 billion. The company went public at a time that the Renaissance IPO ETF IPO, -0.79% has lost 7.1% over the past three months and the S&P 500 SPX, -0.37% has gained 1.8%.
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