Fitness start-up Peloton plans to raise up to $1.3bn (£1.1bn) in an initial public offering, the latest loss-making firm gearing up for its market debut.

The US company sells expensive stationary bikes and provides on-demand workout sessions.

Peloton said it would price shares at up to $29, giving it a potential market valuation of more than $8.2bn.

The planned Nasdaq listing follows disappointing debuts from Uber and Lyft.

Founded in 2012, the New York-based company sells fitness equipment – with bikes priced at around $2,000 – fitted with touchscreens.

Users then purchase a subscription to access classes streamed live and on-demand. The firm said it has more than 1.4 million members.

“On the most basic level, Peloton sells happiness,” founder John Foley previously said.

In a regulatory filing,

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