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Peloton makes bumpy market debut, closes 11% lower

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Peloton makes bumpy market debut, closes 11% lower

Digital fitness company Peloton Interactive Inc.'s shares slumped in the company's trading debut on Nasdaq.

The New York-based company's stock ended the trading session down 11.17% at $25.76 on Sept. 26, giving it a market capitalization of $6.08 billion. The Nasdaq Composite index finished the day down 0.58%.

Peloton on Sept. 25 priced its IPO of 40 million class A common shares at $29 per share, at the high end of the company's projected range of between $26 and $29 per share.

The stock, which trades under the symbol PTON, opened at $27.

Peloton is not the only company to see its shares enter the negative territory on debut this year. Shares of ride-hailing company Uber Technologies Inc. dropped 7.6% from their IPO price of $45, while SmileDirectClub Inc., which sells teeth aligners directly to consumers, saw its shares tank 27.5% from their IPO price of $23.

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