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Peloton files for IPO

A high-tech brand that sells indoor cycling bikes tied to a live-streamed workout experience led by elite instructors plans to go public.

Peloton has confidentially submitted a draft registration statement with the Securities and Exchange Commission (SEC) for a proposed IPO of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined.

Founded in 2012, Peloton allows home users to have, essentially, the same type of experience that they would have at a spinning class. It does so by selling a subscription service that gives the user (member) access to live and on-demand fitness group classes (along with archived ones) led by elite cycling instructors. It also provides performance tracking metrics and a real-time leaderboard designed to motivate users.

Starting in fall 2018, Peloton began shipping its bikes outside of the United States for the first time, to the U.K. and Canada. Similar to the company’s U.S. strategy of selling directly through its website as well as through its own brick-and-mortar locations, Peloton is planning to open multiple stores throughout London and Toronto. It currently operates some 32 U.S. locations.

This past fall, Peloton also started selling its second major product, a treadmill called Tred. It allows members to participate in live and on-demand bootcamp and circuit classes from their own home, both on and off the treadmill.

Peloton will also begin introducing British indoor cycling instructors to its instructor roster and will launch a London-based studio in 2019. The company plans to expand to additional European markets in 2019.

Peloton expects the IPO to commence after the SEC completes its review process, subject to market and other conditions. The retailer has publicly stated it cannot offer any commentary on the IPO proposal right now due to “quiet period” restrictions.
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