After raising $1.1 billion in an IPO at $29 that valued Peloton at $8 billion, the exercise equipment maker shed over $1 billion in value on its first day of trading as shares traded down below $25 before making a modest rally. Bloomberg said that was the third worst performance of any IPO that raised more than $1 billion in the last 10 years. The underwriting was led by Goldman Sachs and JP Morgan Chase.

It’s clear the IPO went into a twitchy market that has been rattled by everything from trade to an aborted WeWork IPO but there were also ... Log in to view full article.