Shares of connected exercise machine company Peloton skidded in their first day of public trading.
The New York company 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.
The stock opened at $27 and closed Thursday at $25.76, a loss of more than 11%.
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.