Sept 26 (Reuters) - Shares of Peloton Interactive Inc , the fitness startup known for on-demand workout programs on its exercise bikes, slid as much as 7% in their market debut, giving the company a market value of $7.55 billion.
The New York-based company’s shares opened at $27.00 and inched up to $27.25 in early trading on the Nasdaq.
Peloton priced its initial public offering at $29 on Wednesday, at the higher end of its expected price range, raising about $1.16 billion at a valuation of $8.1 billion.
The company had marketed a price range of $26 to $29 per share.
The valuation is based on 279.5 million outstanding shares. (bit.ly/2lV3sAU)
Founded in 2012, Peloton sells indoor bicycles and offers packages requiring memberships to access live and on-demand classes from home.
The company was most recently valued at $4.15 billion, according to data provider PitchBook.
Goldman Sachs, J.P. Morgan, BOfA Merrill Lynch and Barclays are the lead underwriters for the IPO. (Reporting by Abhishek Manikandan in Bengaluru Editing by Saumyadeb Chakrabarty)