Fenwick & West represented Peloton Interactive, Inc. (PTON), the world’s largest interactive fitness platform, in its $1.2 billion initial public offering. Peloton offered 40,000,000 shares of its Class A common stock at a public offering price of $29.00 per share. Peloton also sold an additional $100 million of Class A common stock at the public offering price to an existing stockholder in a concurrent private placement.
Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC acted as the lead bookrunning managers for the IPO. BofA Merrill Lynch, Barclays Capital Inc., UBS Securities LLC and Cowen acted as bookrunning managers. Canaccord Genuity LLC, Evercore Group L.L.C., JMP Securities LLC, KeyBanc Capital Markets, Needham & Company, Oppenheimer & Co. Inc., Raymond James & Associates, Inc., Stifel, Nicolaus & Company, Incorporated, SunTrust Robinson Humphrey, Inc., William Blair & Company, L.L.C., Telsey Advisory Group, Academy Securities, Inc., Siebert Cisneros Shank & Co., L.L.C., R. Seelaus & Co., LLC and The Williams Capital Group, L.P. acted as co-managers for the IPO.
The Fenwick transaction team included corporate partner Cynthia Clarfield Hess and of counsel Brian Hicks; capital markets partners Jamie Evans and Ran Ben-Tzur and associates Jennifer Hitchcock, Annie Omata and Veronica Zavala; executive compensation and employee benefits partner Scott Spector and associates Marshall Mort and Sarah Ghulamhussain; and tax partner William Skinner. The transaction team was also supported by corporate and capital markets associates Kat Duncan and Lilly Icard.