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Peloton CEO and co-founder John Foley owns just over 6% of his fitness start-up.
Getty Images for TechCrunch
Peloton fitness technology company could double its valuation if its IPO goes smoothly, but co-founder and CEO John Foley would not join the ranks of billionaires unless the company can more than double its value .
On Tuesday, the company set the price of its IPO between $ 26 and $ 29 for the shares that will trade under the name of PTON on the Nasdaq. according to a filing with the SEC. Platoon plans to sell up to 46 million shares of the public offering, generating up to $ 1.3 billion if it falls in the upper end of the price range. This award would give Peloton a valuation of about $ 8 billion. It had already been valued at $ 4 billion by private investors.
Unlike other mainstream IPOs, Peloton's founding team will not become a billionaire unless the company increases its price range or the title appears at the beginning of trading, which is not the case. Is not excluded after a business communications company. Zoom shares soared 72% in their beginnings. However, IPOs have further deteriorated. The brokerage firms Uber and Lyft have lost tens of billions of dollars in combined value, and the luxury retailer The RealReal remains below its opening price. The coworking company WeWork, also on the verge of becoming public, would have been eyeing a lower valuation as the interest of investors cools.
Peloton's co-founder and CEO, Foley, controls just over 6%, a position of approximately $ 400 million, including stock options. It will also receive 3 million additional stock options, worth about $ 80 million, if the IPO values the company at more than $ 750 million. dollars. The former head of e-commerce at Barnes & amp; Noble, Foley created the company in 2012 alongside Hisao Kushi, Tom Cortese, Graham Stanton and Yony Feng. Cortese, Chief Operating Officer of Peloton, has since sold more than $ 12 million worth of shares by auction in 2017 and 2018, according to the record. Kushi, now head of legal affairs, sold more than $ 6 million over the same period, while Foley sold $ 31.8 million. The holdings of Kushi, Cortese, Stanton and Feng were not disclosed in the record as they hold less than 5% and are not considered appointed officers.
L & # 39; Company initially had trouble attracting investors, and some of its early investors who spotted it early are about to reap big profits. Tiger Global, which leads its B series in 2014, is the largest shareholder with just under 20% of the capital. True Ventures, which invested in 2015, now holds a 12% position in the company.
Platoon should start his roadshow Wednesday, according to Bloomberg. The company will have to convince investors that it is on the road to profitability after spending more on advertising and lose more than $ 195 million during his last fiscal year (July 2018 to June 2019). Most of Peloton's revenue comes from connected fitness equipment: sales of his bike and treadmill of $ 2,245 accounted for more than 75% of last year's revenues.
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Peloton CEO and co-founder John Foley owns just over 6% of his fitness start-up.
Getty Images for TechCrunch
Peloton fitness technology company could double its valuation if its IPO goes smoothly, but co-founder and CEO John Foley would not join the ranks of billionaires unless the company can more than double its value .
On Tuesday, the company set its introductory price between $ 26 and $ 29 for shares that will trade under the name of PTON on the Nasdaq, according to a document filed by the SEC. Platoon plans to sell up to 46 million shares of the public offering, generating up to $ 1.3 billion if it falls in the upper end of the price range. This award would give Peloton a valuation of about $ 8 billion. It had already been valued at $ 4 billion by private investors.
Unlike other mainstream IPOs, Peloton's founding team will not become a billionaire unless the company increases its price range or the title appears at the beginning of the negotiations. However, IPOs have further deteriorated. The brokerage firms Uber and Lyft have lost tens of billions of dollars in combined value, and the luxury retailer The RealReal remains below its opening price. The coworking company WeWork, also on the verge of becoming public, expect a lower valuation as the interest of investors cools.
Peloton's co-founder and CEO, Foley, controls just over 6%, a position of approximately $ 400 million, including stock options. It will also receive 3 million additional stock options, worth about $ 80 million, if the IPO values the company at more than $ 750 million. dollars. Former head of e-commerce at Barnes & Noble, Foley founded the company in 2012 alongside Hisao Kushi, Tom Cortese, Graham Stanton and Yony Feng. Cortese, Chief Operating Officer of Peloton, has since sold more than $ 12 million worth of shares by auction in 2017 and 2018, according to the record. Kushi, now head of legal affairs, sold more than $ 6 million over the same period, while Foley sold $ 31.8 million. The holdings of Kushi, Cortese, Stanton and Feng were not disclosed in the record as they hold less than 5% and are not considered appointed officers.
The company was initially struggling to attract investors, and some of its early investors who spotted early are about to reap big profits. Tiger Global, which leads its B series in 2014, is the largest shareholder with just under 20% of the capital. True Ventures, which invested in 2015, now holds a 12% position in the company.
Platoon should begin its presentation tour Wednesday, according to Bloomberg. The company will have to convince investors that it is on the road to profitability after spending more on advertising and losing more than $ 195 million in its last fiscal year (July 2018 to June 2019). Most of Peloton's revenue comes from connected fitness equipment: sales of his bike and treadmill of $ 2,245 accounted for more than 75% of last year's revenues.