Peloton had the third-worst U.S. trading debut in 10 years for companies that have raised at least $1 billion.
Peloton Chief Executive John Foley told Bloomberg Television that he had “some disappointment” about the reception but was confident in his company’s prospects.“It’s an interesting time in the markets,” he said. “There’s a lot of political things, business things. There is anxiety. The markets are on edge.”
The listing by WeWork, whose official name is We Co., was expected to raise about $3.5 billion, a person familiar with the matter had said — but potential investors were alarmed by co-founder and Chief Executive Adam Neumann’s propensity to burn through capital and a litany of apparent conflicts of interest. On Tuesday,AdvertisementThough most of the 11 other companies that have gone public this month priced within or above their marketed range, the largest of them, SmileDirectClub Inc.
Goldman Sachs Group Inc. and JPMorgan Chase & Co. led the offering. The shares are trading on Nasdaq Global Select Market under the symbol PTON. Like many other start-ups that have gone public this year, Peloton told investors that it will stay focused on growth rather than profitability but outlined a future path to profit.
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