Happy Birthday, You Wild Yet Beautiful Peloton IPO
It may seem like any other Saturday in the middle of a pandemic, but this also happens to be the one-year anniversary of the day Peloton Interactive (NASDAQ: PTON) went public. The now eponymous brand in the booming home fitness market hit the market on Sept. 26, 2019.
Peloton has gone on to become one of this year's hottest stocks, but it certainly didn't start out that way. Underwriters priced the offering at $29, but like its stationary bikes, the stock didn't really go anywhere initially. There was no hot IPO pop. It opened slightly lower -- at $27.17. The shares continued to drift lower through the trading day, closing at $25.76. It was a rough start for a company that seemed to check off most of the growth stock boxes, but we all know that the story was about to get better.
Image source: Peloton Interactive.
Source Fool.com
