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Peloton Co-Founder and CEO John Foley speaks during the TechCrunch Disrupt SF 2018 at Moscone Center on September 6, 2018 in San Francisco.
Kimberly White | Getty Images
Peloton Interactive co-founder and CEO John Foley told CNBC that he hopes to see momentum in the company’s stock in its market debut on Thursday.
“We think we generally left something on the table in terms of pricing” the company’s initial public offering, Foley said on “Squawk Box,” hours before shares were set to begin trading on the Nasdaq under the ticker symbol PTON.
“I feel like we weren’t greedy,” he added.
Peloton on Wednesday evening priced its IPO at $29 per share, the top of its original range between $26 and $29. The offering raised $1.16 billion, valuing the company at $8.1 billion.
“We hope it prices up,” Foley said on CNBC on Thursday morning, referring to the stock price.
The company’s bikes and treadmills — with accompanying video screens to stream live and on-demand classes — has earned loyalty among users who prefer to exercise at home instead of going to a studio.
Peloton has 1.4 million members, which it defines as users with a Peloton account.
Growing membership helped sales grow to $915 million for the fiscal year ended June 30, up 110% from in fiscal 2018. However, net losses in fiscal 2019 widened five-times to $245.7 million.
Nasdaq President Nelson Griggs told CNBC in an earlier interview Thursday that as long as billion-dollar-plus startups have scale and massive growth, some public investors are lenient on the path to profitability.
“The profitability question is one we know investors tend to ebb and flow about how important it is to get to profitability and how quickly,” Griggs said. “That changes pretty quickly.”
This is a developing story. Please check back here for updates.
Disclosure: CNBC parent Comcast-NBCUniversal is also an investor in Peloton.