Peloton is spinning to the public market
The tech-enabled exercise bike startup, founded in 2012, has released documents for its upcoming initial public offering . It tentatively plans to raise $500 million, and will trade on Nasdaq under the symbol PTON.
The company, which offers customers a library of 13,000-plus online fitness classes in addition to manufacturing stationary bikes, has surpassed 1.4 million members, defined as anyone with a Peloton account. Its connected fitness subscriber base -- those using the workout videos -- grew to 511,000 in fiscal 2019, a 108% jump from fiscal 2018, when the company claimed 246,000 connected subscibers.
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