Peloton Gears Up for IPO

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Peloton Interactive has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). No pricing details were mentioned in the filing, but the offering is valued up to $500 million. The company intends to list its shares under the symbol PTON.

The underwriters for the offering are Goldman Sachs, JPMorgan, Merrill Lynch, Barclays, UBS Investment Bank, Cowen, Canaccord Genuity, Evercore ISI, JMP Securities, KeyBanc, Needham, Oppenheimer, Raymond James, Stifel, SunTrust Robinson Humphrey, William Blair, Telsey Advisory, Academy Securities, Siebert Cisneros Shank, R. Seelaus and Williams Capital.

Peloton is the largest interactive fitness platform in the world, with a loyal community of over 1.4 million members. The firm has pioneered connected, technology-enabled fitness and the streaming of immersive, instructor-led boutique classes to members anytime, anywhere.

Driven by a members-first mindset, the firm has built a vertically integrated platform that ensures a best-in-class, end-to-end experience. Peloton has a direct-to-consumer multi-channel sales platform, including 74 showrooms with knowledgeable sales specialists, a high-touch delivery service and helpful member support teams.

The firm issued a few bullet points detailing its finances as follows:

  • We generated total revenue of $218.6 million, $435.0 million, and $915.0 million, respectively, representing 99.0% and 110.3% year-over-year growth;
  • We incurred net losses of $(71.1) million, $(47.9) million, and $(195.6) million, respectively; and
  • Our Adjusted EBITDA was $(51.8) million, $(30.4) million, and $(71.3) million, respectively.

The company intends to use the net proceeds from this offering for working capital and general corporate purposes.

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