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Approach Unicorn IPOs Like Peloton, Post Carefully



Jim Cramer of CNBC on Monday told investors to guard against overblown IPOs these days like WeWork and Uber with overly ambitious mission statements that do not accurately reflect their real business.

"How about Peloton? Look, here's what I think is going on [with unicorns]. First, we think Uber is a platform, then it turns out to be a taxi company. Then we think [WeWork CEO Adam] Neumann is about the new way to own real estate Then we think it's just a broker Now Peloton, they say it's an eight-way platform Can I tell you what Peloton is? It's a way to hang towels "

Peloton is expected to go public later this month.

In May, Uber debuted below its IPO price and ended up with a valuation of less than $ 80 billion, far from the expected $ 1

20 billion. The stock is trading at $ 32.61 on Monday, after being traded at $ 45.

WeWork has its own number of headlines after a tumultuous week in which WeWork postpones its IPO roadshow and the Wall Street Journal reports that Neumann may have transported marijuana through International Waters.

WeWork has released in its IPO statement that its mission "is to raise world awareness."

Peloton CEO and Co-Founder John Foley described Peloton as a fitness, technology and media company. Peloton filed its initial prospectus in August and seeks to raise $ 1.16 billion in its initial public offering, according to regulatory file

In the fiscal year ended June 30, Peloton reported sales grew 110% to $ 915 million from $ 435 million for fiscal 2018. Meanwhile, its net loss in 2019 expanded to $ 245.7 million, from a net loss of $ 47.9 million the previous year, as reported earlier by CNBC.

"It will come and be all exciting, as the best workout known to man," Kramer told Squawk on the Street. "" And the man (Foley) is really charismatic. I'm not worried (charismatic). I want earnings per share.

"Give me something that works," Kramer said.

A WeWork spokesman declined comment, citing the company's quiet period before the IPO. An Uber spokesman did not immediately respond to a request for comment on Cramer's statements. Peloton declined comment due to rather limited periods.

Disclosure: CNBC parent Comcast-NBCUniversal is an investor in Peloton.


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