Peloton, which priced its shares at $29 in its IPO on Wednesday, has fallen to $25.76 at close yesterday in its first day of trading (4pm EDT) on the Nasdaq.
The company filed for an IPO last month, listing its offering size at $500 million despite revealing $196 million losses on sales in the year leading up to 30th June.
In the IPO, Peloton raised $1.16 billion, giving it a valuation of $8.1 billion. The company also warned in its IPO filing that it may not turn a profit or maintain profitability in the future.
Since launching in 2012 the company has continued to run at a loss, although it has seen significant revenue growth. During the 2019 fiscal year, Peloton amassed $915 million in sales and was dubbed the ‘fastest growing company in New York’ in 2017 (despite $71.1 million losses).
You can keep an eye on Peloton’s share price here.