New York (CNN Business)Another unicorn is cycling its way to Wall Street. Peloton, the indoor fitness startup, said Wednesday it submitted confidential paperwork with the US Securities and Exchange Commission to go public. Peloton is best known for its internet-connected indoor bikes and subscription cycling classes that can be streamed live or on-demand into the home. The company also offers a treadmill with an HD touchscreen for viewing classes. Peloton was founded in 2012 by a group of five people -- John Foley, Tom Cortese, Hisao Kushi, Yony Feng, Graham Stanton -- and all are still with the company today. Foley serves as CEO; he previously served as president of Barnes & Noble's e-commerce division. The company was valued at $4 billion last August and was expected to file for an IPO this year. Read More Meanwhile, Peloton competitor SoulCycle backpedaled away from its plans to go public in May 2018 citing "market conditions." Founded in 2006, SoulCycle is the industry … [Read more...] about Fitness startup Peloton files to go public
Wework going public
New York (CNN Business)Even the semi-disastrous IPOs of Uber and Lyft don't appear to have stopped the flow of on-demand companies wanting to go public. Fiverr, an Israeli-based gig-economy startup, filed paperwork Thursday with the US Security and Exchange Commission to go public on the New York Stock Exchange. Its ticker is slated to be "FVRR." The company filed to raise as much as $100 million — a placeholder amount that could likely change. Fiverr is a freelance services marketplace, where businesses or individuals can hire freelancers to do work such as logo design, digital marketing, voice overs or translation, for example. The company was founded in 2010, initially as a platform for buying and selling tasks for a fixed fee of $5 — hence the name. It has since broadened out to connect people seeking digital services with providers who charge a range of rates. It is part of a boom of on-demand startups that came up around the same time and typically rely on contract … [Read more...] about Fiverr, another gig-economy startup, files to go public
WeWork on Wednesday disclosed another quarter of rapid growth and large losses, its first earnings report since confidentially filing for an IPO, with co-founder and CEO Adam Neumann telling Axios that his company has a much different story to tell than Uber or Lyft. Why it matters: WeWork has revolutionized commercial office space globally, but some investors are skeptical that it can ever turn a profit, let alone justify a valuation that venture capitalists last put at $47 billion. WeWork reported $728.43 million in Q1 2019 revenue, which represents 113% year-over-year growth and a $3.02 billion revenue run-rate. It also showed $264 million of net loss, a slight improvement over $274 million in Q1 2018. Year-over-year membership rose from 220,000 to 466,000. "Community-adjusted EBITDA," a metric WeWork devised to approximate unit economics, rose by 78% year-over-year to $169.5 million. WeWork CFO Artie Minson tells Axios that seasonality doesn't significantly affect the … [Read more...] about WeWork discloses earnings, CEO discloses why it might go public
WeWork has filed confidentially to go public, the company announced on Monday, becoming the latest privately held giant to consider heading to the stock markets. The company, which provides co-working spaces, initially filed paperwork to go public with regulators in December. Changes to that filing were made last week, Adam Neumann, a co-founder of WeWork, wrote in a memo sent to employees that was reviewed by The New York Times. “We have regularly focused on how to take our business to the next level in every aspect,” Mr. Neumann wrote. Like many of the other richly valued start-ups that have planned their stock-market debuts, WeWork posts steep losses — and shows no sign of turning a profit anytime soon. The company was valued at $47 billion in its last fund-raising round, including the new money raised. That private valuation would be put to the test by the I.P.O. process. While WeWork’s revenue is growing quickly — it doubled last year to $1.8 … [Read more...] about WeWork Files for I.P.O., Joining Wave of Cash-Burning Start-Ups in Going Public
2019 is shaping up to be a record year for IPOs. Lyft and Levi Strauss have already tossed their hat into the ring. Pinterest is getting ready to dive in, and investors are anticipating debuts from Uber and Slack, which have already filed to go public. Later in the year, big names like Airbnb and WeWork are rumored to join the parade. With the stock market hovering near an all-time high and the economy continuing to hum along on low unemployment and solid job growth, the IPO environment doesn't get much better. Against that backdrop, CEC Entertainment, the parent company of restaurant chains like Chuck E. Cheese and Peter Piper Pizza, has joined the IPO mix. Continue Reading Below On Monday, CEC announced that its parent company would merge with Leo Holdings, a special-purpose acquisition company. The new company will be known as Chuck E. Cheese brands, and it will trade on the NYSE under the ticker CEC after the deal closes sometime late in the second quarter. In announcing the … [Read more...] about Chuck E. Cheese Is Going Public. Should Investors Take a Bite?