(Bloomberg) -- 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.
Foley, Peloton’s chief executive officer, is doing OK, too. His holding in the New York-based company is worth $427 million.
Read more: Peloton tumbles in third-worst unicorn IPO debut since 2008
Foley still expressed some disappointment following the initial public offering.
“It’s an interesting time in the markets,” he said in an interview with Bloomberg Television. “There’s a lot of political things, business things. There is anxiety. The markets are on edge.”
Peloton, which had dropped as much as 15% earlier in the day, turned in one of the worst U.S. trading debuts in a decade among companies that have raised at least $1 billion, according to data compiled by Bloomberg. Earlier this month, shares of SmileDirectClub Inc. cratered 28% on their first day of trading. They’ve dropped an additional 22% since.
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