Peloton Photo: Shutterstock.com

Fenwick & West has grabbed the lead role in bringing fitness startup Peloton to the public market, according to the company's registration statement filed with the U.S. Securities and Exchange Commission on Tuesday.

Latham & Watkins is representing the underwriters on the New York company's IPO—a group of 21 financial institutions and advisory firms, including Goldman Sachs & Co. LLC and JPMorgan Securities LLC.

Peloton is the latest startup to go public, following a string of high-profile tech IPOs. According to the S-1 filing, Peloton reported $915 million in total revenue for the year ending June 30, and grew by 110% from $435 million in revenue last year. Meanwhile, the company's net losses hit $245.7 million in 2019, up significantly from a loss of $47.9 million in the prior year.

Peloton, which will list under the ticker symbol "PTON," expects to trade its shares on the Nasdaq Global Select Market and the IPO to raise $500 million.

Cynthia Hess, the co-chair of Fenwick's startup and venture capital practice, is working with fellow partners James Evans and Ran Ben-Tzur in counseling Peloton on its proposed public listing, the filing showed. Evans also serves as the co-chair of Fenwick's capital markets and public companies​ group.

Fenwick's attorneys have long been representing Peloton in rounds of financing. The group also recently assisted the fitness companies its acquisition of Neurotic Media LLC, a B2B music aggregation and streaming service based in Atlanta.

Peloton's regulatory filing also revealed that Fenwick & West's lawyers own a total of 6,926 shares of the company's Series F redeemable convertible preferred stock, which will convert to Class B common stock in connection with the completion of this offering.

Latham's global corporate chair Marc Jaffe and partner Ian Schuman, chair of the firm's capital markets practice, are leading the team counseling Peloton's underwriters in the IPO.

The IPO papers disclose a couple of nuggets about Hisao Kushi, Peloton's chief legal officer and secretary. Since 2018, Kushi's daughter, Kate Kushi, has served as the company's brand marketing campaign coordinator since August 2018—a position with a base salary of nearly $57,000 in 2019. The CLO also sold $4.6 million worth of stock in a tender offer last year.

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