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Peloton, best known for its exercise cycles, announced Wednesday it has filed with the securities regulatory authorities an initial public offering.
Peloton, which has filed the documents confidentially, has said it has not yet decided how much or what price range of the shares it intends to sell. Companies with less than $ 1 billion in sales can file confidentially under the Employment Act.
The company manufactures cycles and treadmills with screens to allow users to take live and recorded fitness classes from their homes, hotel rooms or offices. CEO and co-founder John Foley described Peloton as a fitness, technology and media company.
Peloton was founded in 2012 and sold its first spinning bike in 2014. The cycles are priced at $ 2,000 and the treadmills priced at $ 3,995. Subscriptions to access classes cost $ 39 per month. The company also began selling digital subscriptions last year to allow people to access training courses without buying Peloton equipment.
Platoon collected $ 550 million last year, bringing its total external funding to $ 1 billion and its value to $ 4 billion. The company's investors have included Tiger Global Management, L Catterton, Fidelity and TCV, according to Crunchbase.
2019 has been a busy year for IPOs. Uber, Lyft and Pinterest are among the companies that became public in the first half of the year.
Disclosure: Comcast-NBCUniversal, parent company of CNBC, is an investor of Peloton.
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