Exercise bike and treadmill company Peloton priced the first offer this evening at $ 29 per share. As part of the IPO, Peloton offers 40 million Class A shares to the public.
It was expected that Peloton would price its IPO between $ 26 to $ 29 per share, so this falls on the higher end. When Peloton sold 40 million Series A shares, it is looking to raise $ 1.16 billion for a valuation of more than $ 8 billion.
Peloton filed for public return in August, reporting $ 915 million in total revenue for the year ending June 30, 2019. That was a 110% increase from the prior year. Prior to this upcoming IPO, Peloton had raised $ 994 million for a private market valuation of $ 4.1[ads1]5 billion.
Shares of "PTON" will start trading tomorrow on the Nasdaq.