Shares of connected exercise machine company Peloton are drifting lower in their first day of public trading.

The New York company's stock opened at $27 US. In afternoon trading shares changed hands at $26.55&nbsp;as the broader markets edged lower.

Peloton offered 40 million shares at an initial public offering price of $29 per share, the high end of an expected range of $26 to $29 apiece.

Peloton is known for its stationary bikes that allow users to stream workouts live or on-demand. Users pay thousands of dollars for Peloton machines and about $40 per month for a subscription. The company also makes high-end treadmills that cost more than $4,000.

Peloton Interactive Inc., founded in 2012, is listed on the Nasdaq under the "PTON" ticker symbol.

Fitness in your home  à la Netflix: On-demand, unlimited subscription classes

Instead of a subscription to stream TV and movies on demand, a growing number of companies want to sell you a subscription for on-demand, unlimited fitness sessions. Peloton, Echelon and Fly Anywhere are three U.S. companies that want to cater to Canadians with a convenient way to work out.

Sasha Exeter has always been fit - she played competitive tennis for years - but after giving birth to her first child, she found the best solution for work-outs was to do it at home.

Sasha Exeter

Sasha Exeter played competitive tennis for years and has always been fit, but after giving birth to her first child, she found the best exercise solution was to work out at home.

The Peloton logo is displayed, center, on the Nasdaq MarketSite, Thursday, Sept. 26, 2019 in New York's Times Square. 

Peloton shares decline on 1st day of trading

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