Peloton plots $1.2B Nasdaq IPO – gpgmail


Peloton, which debuted its IPO prospectus last month, plans to charge as much as $29 per share in its upcoming Nasdaq listing.

In an amended S-1 filing released Tuesday afternoon, the developer of internet-connected stationary bikes and treadmills announced a proposed price range of $26 to $29 per share, allowing the company to raise as much as $1.2 billion in its 2019 public offering.

At the high end of the proposed price, Peloton’s valuation would surpass $8 billion. The business is expected to launch its IPO roadshow as soon as Wednesday, according to Bloomberg.

New York-based Peloton will trade under the ticker symbol PTON. Goldman Sachs & Co. and J.P. Morgan Securities are managing the IPO as lead underwriters.

Peloton, founded in 2012, raised $550 million in venture capital funding last year at a valuation of $4.15 billion. In total, the company has attracted $994 million in venture capital investment, according to PitchBook. Its S-1 filing lists CP Interactive Fitness (5.4% pre-IPO stake) — an entity connected to the private equity firm Catterton — TCV (6.7%), Tiger Global (19.8%), True Ventures (12%) and Fidelity Investments (6.8%) as principal stakeholders, or investors with at least a 5% stake in the company.

Peloton reported an impressive $915 million in total revenue for the year ending June 30, 2019, an increase of 110% from $435 million in fiscal 2018 and $218.6 million in 2017. Its losses, meanwhile, hit $245.7 million in 2019, up significantly from a reported net loss of $47.9 million last year.

The company’s upcoming float is expected to be one of the largest of the year.


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Peloton’s 29 secret weapons – gpgmail


Hello and welcome back to Startups Weekly, a weekend newsletter that dives into the week’s noteworthy startups and venture capital news. Before I jump into today’s topic, let’s catch up a bit. Last week, I wrote about a new e-commerce startup, Pietra. Before that, I wrote about the flurry of IPO filings.

Remember, you can send me tips, suggestions and feedback to kate.clark@Gpgmail.com or on Twitter @KateClarkTweets. If you don’t subscribe to Startups Weekly yet, you can do that here.

What’s new?

Peloton revealed its S-1 this week, taking a big step toward an IPO expected later this year. The filing was packed with interesting tidbits, including that the company, which manufacturers internet-connected stationary bikes and sells an affiliated subscription to its growing library of on-demand fitness content, is raking in more than $900 million in annual revenue. Sure, it’s not profitable, and it’s losing an increasing amount of money to sales and marketing efforts, but for a company that many people wrote off from the very beginning, it’s an impressive feat.

Despite being a hardware, media, interactive software, product design, social connection, apparel and logistics company, according to its S-1, the future of Peloton relies on its talent. Not the employees developing the bikes and software but the 29 instructors teaching its digital fitness courses. Ally Love, Alex Toussaint and the 27 other teachers have developed cult followings, fans who will happily pay Peloton’s steep $39 per month content subscription to get their daily dose of Ben or Christine.

“To create Peloton, we needed to build what we believed to be the best indoor bike on the market, recruit the best instructors in the world, and engineer a state-of-the-art software platform to tie it all together,” founder and CEO John Foley writes in the IPO prospectus. “Against prevailing conventional wisdom, and despite countless investor conference rooms full of very smart skeptics, we were determined for Peloton to build a vertically integrated platform to deliver a seamless end-to-end experience as physically rewarding and addictive as attending a live, in-studio class.”

Peloton succeeded in poaching the best of the best. The question is, can they keep them? Will competition in the fast-growing fitness technology sector swoop in and scoop Peloton’s stars?

In other news

Last week I published a long feature on the state of seed investing in the Bay Area. The TL;DR? Mega-funds are increasingly battling seed-stage investors for access to the hottest companies. As a result, seed investors are getting a little more creative about how they source deals. It’s a dog-eat-dog world out there, and everyone wants a stake in The Next Big Thing. Read the story here.

Rounds of the week

Time to Disrupt

Don’t miss out on our flagship Disrupt, which takes place October 2-4. It’s the quintessential tech conference for anyone focused on early-stage startups. Join more than 10,000 attendees — including over 1,200 exhibiting startups — for three jam-packed days of programming. We’re talking four different stages with interactive workshops, Q&A sessions and interviews with some of the industry’s top tech titans, founders, investors, movers and shakers. Check out our list of speakers and the Disrupt agenda. I will be there interviewing a bunch of tech leaders, including Bastian Lehmann and Charles Hudson. Buy tickets here.

Listen

This week on Equity, gpgmail’s venture capital-focused podcast, we had Floodgate’s Iris Choi on to discuss Peloton’s upcoming IPO. You can listen to it here. Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple Podcasts, Overcast and Spotify.

Learn

We published a number of new deep dives on Extra Crunch, our paid subscription product, this week. Here’s a quick look at the top stories:




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Peloton finances revealed – gpgmail


The Daily Crunch is gpgmail’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 9am Pacific, you can subscribe here.

1. Peloton files publicly for IPO

Peloton previously filed a confidential S-1, but now its IPO documents have been revealed publicly, showing that the fitness tech company brought in $915 million in revenue during its most recent fiscal year, with losses of $245.7 million.

Co-founder and CEO John Foley laid out a grand vision in the documents, writing that “Peloton is so much more than a Bike — we believe we have the opportunity to create one of the most innovative global technology platforms of our time.”

2. Anthony Levandowski, former Google engineer at center of Waymo-Uber case, charged with stealing trade secrets

If convicted, Levandowski faces a maximum sentence of 10 years and a fine of $250,000 — plus restitution — for each violation, according to the U.S. Attorney’s office.

3. Fitbit’s CEO discusses the company’s subscription future

At a small event in Manhattan this week, Fitbit laid out its future for the press. Tellingly, the event was far more focused on the company’s software play. (Extra Crunch membership required.)

Image via Getty Images /
franckreporter

4. US border officials are increasingly denying entry to travelers over others’ social media

The latest case saw a Palestinian national living in Lebanon and would-be Harvard freshman denied entry to the U.S. just before the start of the school year.

5. ThoughtSpot hauls in $248M Series E on $1.95B valuation

ThoughtSpot was started by a bunch of ex-Googlers looking to bring the power of search to data. Seven years later the company is growing fast, sporting a valuation of almost $2 billion and looking ahead to a possible IPO.

6. Google will shut down Google Hire in 2020

Google built Hire in an effort to simplify the hiring process, with a workflow that integrated into Google’s G Suite things like searching for applicants, scheduling interviews and providing feedback about potential hires.

7. Rwanda to phase out gas motorcycle taxis for e-motos

The government of Rwanda will soon issue national policy guidelines to eliminate gas motorcycles in its taxi sector in favor of e-motos.


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Peloton files publicly for IPO – gpgmail


Peloton, the well-funded maker of high-tech bikes and treadmills, has revealed documents for its upcoming initial public offering. The business previously submitted a confidential draft submission of its S-1 statement to the U.S. Securities and Exchange Commission in June.

The company will trade on the Nasdaq under the ticker symbol PTON.

Peloton, founded in 2012, raised $550 million in venture capital funding last year at a valuation of $4 billion. The startup, which initially struggled greatly to convince venture capitalists of its vision, has since inspired a new wave of fitness tech companies to launch, including a smart mirror company appropriately named “Mirror.”

This story is developing.


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