Peloton Interactive slid 6.9 percent in its trading debut, a sign that investors may have a waning appetite for money-losing companies.

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Ticker Security Last Change %Chg
PTON PELOTON INTERACTIVE 27.30 +0.13 +0.48%

Shares of the home-fitness company opened at $27 a piece, down from the $29 where they priced on Wednesday evening. At $29 a share, the offering would’ve raised $1.16 billion and given Peloton an $8.2 billion valuation.

Peloton will trade on the Nasdaq under the ticker “PTON.” Goldman Sachs and JPMorgan Chase were the lead underwriters for the initial public offering.

In its fiscal year ended June 30, Peloton’s revenue more than doubled to $915 million, but its losses widened to $195.6 million, up from $47.9 million the year prior, according to a filing with the Securities and Exchange Commission.

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