Shares of Peloton skid on first day of trading

Finance and Business

Peloton CEO John Foley celebrates at the Nasdaq MarketSite before the opening bell and his company’s IPO, Thursday, Sept. 26, 2019 in New York. (AP Photo/Mark Lennihan)

NEW YORK (AP) — Shares of connected exercise machine company Peloton skidded in their first day of public trading.

The New York company offered 40 million shares at an initial public offering price of $29 per share, the high end of an expected range of $26 to $29.

The stock opened at $27 and closed Thursday at $25.76, a loss of more than 11%.

Peloton is known for its stationary bikes that allow users to stream workouts live or on-demand. Users pay thousands of dollars for Peloton machines and about $40 per month for a subscription. The company also makes high-end treadmills that cost more than $4,000.

Peloton Interactive Inc., founded in 2012, is listed on the Nasdaq under the “PTON” ticker symbol.

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