IPO Roundup: Peloton spinning its wheels after opening below IPO price

Peloton Interactive Inc (NASDAQ:PTON), the interactive home fitness company, achieved a $1.2 billion IPO. The company offered 40 million shares at $29 per share, the high end of its range, making it the largest New York-based startup to ever go public, according to broker Renaissance Capital. 

The company designs in-home fitness equipment and connects its more than 500,000 subscribers with instructors and other participants around the world. 

Peloton achieved a $9.5 billion market cap, but things have been less rosy since trading began.

The stock opened at $27 and dropped slightly lower to $26.90, 76% below its IPO price.

Meanwhile, Oportun Financial Corporation (NASDAQ:OPRT), a financial services provider to low and moderate income consumers, raised $94 million in its IPO.

The San Carlos, California-based company bills itself as empowering the so-called “credit invisibles”. These are the roughly 100 million people in the US who either don’t have a credit score or whose score is not a reflection of their creditworthiness because of limited history.

Oportun offered 6.3 million shares at $15 per share, the low end of its projected range. 

Traders have reacted positively, opening trading at $15.70 and sending the stock up $0.03 to about 5% above its IPO price.

Story by ProactiveInvestors