Peloton’s claim of tech status depends on too much spin. The stationary bike outfit needs to retain online customers in an exercise market prone to fads. That’s far from a sure bet, writes rob_cyran.
Peloton Interactive’s initial public offering prospectus became public on Aug. 27. The interactive exercise firm’s revenue more than doubled in the year ending June 30, to $915 million, while its loss from operations rose more than fourfold, to $202 million.
Peloton sells stationary bicycles and treadmills, as well as memberships to live and on-demand classes. The company had 511,202 connected fitness subscribers as of June 30, and 1.4 million people with Peloton accounts. Peloton will have two classes of stock. Investors in its IPO will receive A shares with one vote each. Insiders will own B class shares with 20 votes per share. The company has not said how many shares it will sell or at what price. A funding round last year valued it at more than $4 billion.
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