Peloton shares decline on 1st day of trading

Shares of connected exercise machine company Peloton are drifting lower in their first day of public trading.

The New York company’s stock opened at $27 US. In afternoon trading shares changed hands at $26.55 as the broader markets edged lower.

Peloton 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 apiece.

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.