Peloton takes steps toward IPO

By MarketsFOXBusiness

Peloton interviewing banks for role in IPO: Report

Peloton, the exercise-bike company, is expected to seek north of $4 billion in valuation.

Peloton Interactive has taken an important step toward an initial public offering in 2019.

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The company that makes stationary bikes as part of an interactive workout program, is interviewing banks for roles in that IPO, according to the Wall Street Journal.

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Underwriters are expected to be selected within weeks.

Peloton is expected to seek a valuation in excess of the roughly $4 billion estimate last year after a fund-raising round led by venture-capital firm TCV, some of the people said.

That valuation was a sharp jump from the $1.25 billion level at which the company raised capital in 2017.

Peloton is among many companies that could make 2019 a banner year for IPOs, although the process for some companies has been delayed because of the partial government shutdown.

FOX Business has reported that ride-hailing firms Uber Technologies and Lyft and most recently the workplace-messaging company Slack Technologies have plans to go public.

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Peloton’s stationary bikes sell for prices ranging from $2,245 to nearly $2,700 when packaged with various accessories.

Many of Peloton’s customers use the bikes at home, paying about $39 a month to stream live classes that the company produces using its own instructors.