Peloton Interactive’s $1.2 Billion Initial Public Offering

Fenwick & West represented Peloton Interactive in the offering. Latham & Watkins represented the underwriters in the offering.

Peloton Interactive, Inc. announced the pricing of its initial public offering of 40,000,000 shares of its Class A common stock at a public offering price of $29.00 per share. The shares began trading on the Nasdaq Global Select Market on September 26, 2019 under the ticker symbol “PTON.”

In addition, the underwriters have been granted a 30-day option to purchase up to an additional 6,000,000 shares of Class A common stock from Peloton at the initial public offering price, less underwriting discounts and commissions.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as the lead bookrunning managers for the proposed offering. BofA Merrill Lynch, Barclays Capital Inc., UBS Securities LLC, and Cowen are acting 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. are acting as co-managers for the offering.

Fenwick represented Peloton with a team led by 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.​​

Latham & Watkins represented the underwriters in the offering with a capital markets team led by New York partners Marc Jaffe (Picture) and Ian Schuman, with New York associates John Slater and Claire Solimine. Advice was also provided on employee benefits and compensation matters by New York partner Lori Goodman, with New York associate Anne Bracaglia; on tax matters by New York partner Jiyeon Lee-Lim, with New York associate Sam Yang; and on intellectual property and music rights diligence matters by Century City partner Jonathan West and San Francisco partner Joe Wetzel, with Century City associate Sam Lehman.

Involved fees earner: Ran Ben-Tzur – Fenwick & West LLP; Cynthia Clarfield Hess – Fenwick & West LLP; Katherine Duncan – Fenwick & West LLP; Jamie Evans – Fenwick & West LLP; Sarah Ghulamhussain – Fenwick & West LLP; Brian Hicks – Fenwick & West LLP; Jennifer Hitchcock – Fenwick & West LLP; Lillian Icard – Fenwick & West LLP; Marshall Mort – Fenwick & West LLP; Annie Omata – Fenwick & West LLP; William Skinner – Fenwick & West LLP; Scott Spector – Fenwick & West LLP; Veronica Zavala – Fenwick & West LLP; Anne Bracaglia – Latham & Watkins; Lori Goodman – Latham & Watkins; Marc Jaffe – Latham & Watkins; Jiyeon Lee-Lim – Latham & Watkins; Sam Lehman – Latham & Watkins; Ian Schuman – Latham & Watkins; John Slater – Latham & Watkins; Claire Solimine – Latham & Watkins; Jonathan West – Latham & Watkins; Joe Wetzel – Latham & Watkins; Sam Yang – Latham & Watkins;

Law Firms: Fenwick & West LLP; Latham & Watkins;

Clients: Academy Securities; Bank of America Merrill Lynch; Barclays Capital ; Canaccord Genuity; Cowen Inc.; Evercore Inc.; Goldman Sachs & Co.; J.P. Morgan Securities LLC; JMP Securities LLC; KeyBanc Capital Markets; Needham & Company; Oppenheimer & Co; Peloton Interactive, Inc; R. Seelaus & Co.; Raymond James & Associates, Inc.; Siebert Cisneros Shank & Co. LLC; Stifel, Nicolaus & Company, Incorporated; SunTrust Robinson Humphrey, Inc.; Telsey Advisory Group LLC; The Williams Capital Group; UBS Securities LLC; William Blair & Company, L.L.C.;

Author: Ambrogio Visconti