Shares of connected exercise machine company Peloton are drifting lower in their first day of public trading.
The New York company’s stock opened at $27. In afternoon trading shares changed hands at $26.55 as the broader markets edged lower.
Peloton offered 40 million shares at an initial public offering price of $29 per share, the high end of an expected range of $26 to $29 apiece.
Peloton is known for its stationary bikes that allow users to stream workouts live or on-demand. Users pay thousands of dollars for Peloton machines and about $40 per month for a subscription. The company also makes high-end treadmills that cost more than $4,000.
Peloton Interactive Inc., founded in 2012, is listed on the Nasdaq under the “PTON” ticker symbol.
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