The fitness start-up Peloton saw its share price fall on its stock market debut, becoming the latest in a line of newly traded companies to receive a frosty reception from investors this year.
Initially priced at $29 (£23.50), the company’s shares were down nearly 9% to $26.40 (£21.39) on Thursday lunchtime in New York.
The muted opening marked the third-worst trading debut in a decade for companies that have raised at least $1bn (£810.4m) in investment, according to Bloomberg data.
It has been a rocky year for unprofitable start-ups going public: Uber’s shares have fallen 30% since May following its $8.1bn (£6.6bn) initial public offering (IPO) – the year’s largest.
WeWork, the controversial co-working space start-up, saw its plans for an IPO collapse last week after the company failed to drum up investor interest in its £16bn listing – a £22bn discount on its valuation just months earlier.
The New York-headquartered Peloton, which sells technology-enabled exercise bikes, has enjoyed booming popularity over the past two years.
In the company’s last funding round in 2018, it raised $445m from Silicon Valley’s TCV.
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