Chase Coleman, Peloton’s Foley Still Winners Despite Day 1 Drop
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Peloton Interactive Inc. founder John Foley and Tiger Global Management’s Chase Coleman still have plenty to celebrate, even after the fitness company became the latest in a string of unprofitable startups to turn in a lackluster market debut.
The maker of internet-connected exercise bikes priced 40 million shares at $29 apiece, raising $1.16 billion -- then sank 11% to close Thursday at $25.76. That was still good enough to give Tiger Global, Peloton’s biggest shareholder, a profit of about $1 billion on its investment, based on information that had been provided this week by a person familiar with the matter. The hedge fund firm’s 20% stake is now worth $1.2 billion.