Peloton, best known for its exercise cycles, announced Wednesday it
has filed with securities regulators for an initial public offering.
Peloton,
which filed the paperwork confidentially, said it has not yet decided
on the number or price range of shares it expects to sell. Companies
with less than $1 billion in revenue can file confidentially under the
JOBS Act.
The company makes cycles and treadmills with screens for
users to join live and recorded fitness classes from their homes, hotel
rooms or offices. CEO and co-founder John Foley has described Peloton
as a fitness, technology and media company.
Peloton was founded in
2012 and sold its first cycle in 2014. Cycles retail for $2,000 and
treadmills sell for $3,995. Subscriptions to access classes cost $39 per
month. The company also started selling digital memberships last year
for people to access workout classes without buying any of Peloton's
equipment.
Peloton raised $550 million last year, bringing its
total outside funding to $1 billion and valuing the company at $4
billion. The company's investors have included Tiger Global Management, L
Catterton, Fidelity and TCV, according to Crunchbase.
2019 has
been a busy year for IPOs. Uber, Lyft and Pinterest are among the
companies that went public in the first half of the year.
Leslie Blair Reames
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