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Peloton's IPO doesn't go to plan – but company still valued at US$7.2bn
Shares in Peloton have fallen 14 per cent below their initial value since the company listed on the US-based NASDAQ on 26 September.
The indoor cycling giant offered 40m shares to the open market at US$29 each – but the value of the shares has since plummeted to US$25.10.
Doing so, Peloton became the latest in a long list of tech-oriented start-ups to have experienced a lack-lustre IPO – such as peer-to-peer ridesharing firms Uber and Lyft.
According to data from Bloomberg, Peloton's IPO marks the third-worst trading debut in 10 years in the US for companies that have raised at least US$1bn.
The company is still, however, valued at US$7.2bn.
Peloton was founded in 2012 by John Foley, Tom Cortese, Hisao Kushi, Yony Feng and Graham Stanton.
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