(Bloomberg) -- Peloton Interactive Inc. fell as much as 8% in premarket trading Tuesday after the company said it will sell $1 billion of stock, extending a rout in the shares.
Most Read from Bloomberg
Amazon Sued Over Crashes by Drivers Rushing to Make Deliveries
What Designers of Video Game Cities Understand About Real Cities
Biden Plan Funds New Bridges That Locals May Not Want
Hong Kong's New Museum Tries to Please Art World — and Beijing
The share offering follows a 45% decline since Peloton slashed its annual revenue forecast by as much as $1 billion on Nov. 4 amid lower projections for both subscribers and profit margins coming out of the pandemic. Shares pared some of its initial losses and were down 2.8% at 7:50 a.m. in New York.
This is the first public offering in Peloton since its 2019 IPO at $29 per share, according to data compiled by Bloomberg. Goldman Sachs and J.P. Morgan, the two lead banks on the IPO, are underwriting the new deal.
Durable Capital Partners LP, TCV, and funds and accounts advised by T. Rowe Price Associates, Inc. have expressed an interest in buying shares in the offering, Peloton said in a statement.
Most Read from Bloomberg Businessweek
Boeing Built an Unsafe Plane, and Blamed the Pilots When It Crashed
First Task for the Teamsters’ Next Boss: Take On UPS
Google Wants to Save the Planet With Satellite Images
One of the World’s Poorest Countries Found a Better Way to Do Stimulus
Generation Lockdown: Where Youth Unemployment Has Surged
©2021 Bloomberg L.P.
