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