Peloton Interactive, which sells connected home fitness equipment and monthly class subscriptions, announced terms for its IPO on Tuesday.
The New York, NY-based company plans to raise $1.1 billion by offering 40 million shares at a price range of $26 to $29. At the midpoint of the proposed range, Peloton Interactive would command a fully diluted market value of $9.0 billion.
Peloton Interactive was founded in 2012 and booked $915 million in sales for the 12 months ended June 30, 2019. It plans to list on the Nasdaq under the symbol PTON. Goldman Sachs, J.P. Morgan, BofA Merrill Lynch, Barclays, UBS Investment Bank and Cowen are the joint bookrunners on the deal. It is expected to price during the week of September 23, 2019.
