November 16, 2021
Peloton Interactive, Inc. has announced the pricing of an underwritten public offering of 23,913,043 shares of its Class A common stock at a public offering price of US$46 per share. All of the shares of Class A common stock are being offered by Peloton. Peloton has granted the underwriters a 30-day option to purchase up to an additional 3,260,869 shares of Class A common stock at the public offering price, less underwriting discounts, and commissions. The offering is expected to close on November 18, 2021, subject to the satisfaction of customary closing conditions. The net proceeds of the offering, after deducting underwriting discounts, and commissions and other offering expenses payable by Peloton, are expected to be approximately US$1.07 billion (assuming no exercise of the underwriters' option to purchase additional shares). Peloton intends to use the net proceeds from the offering for general corporate purposes, which over time may include working capital, capital expenditures, including for the construction or expansion of facilities, and investments in and acquisitions of other companies, products, or technologies that Peloton may identify in the future.
Latham & Watkins LLP represents the underwriters in the offering with a capital markets team led by New York partners Marc Jaffe and Ian Schuman, with associates John Slater, Angel Marcial, and Young Joo.