Peloton prices IPO at top range $29 per share

Fitness equipment start-up Peloton will seek an $8.2bn valuation in its initial public offering on Thursday, with prices of $29 per share.

The company was set to begin trading on the Nasdaq stock exchange during the day, and had priced its stock at the top of a range it released earlier in September.

It said it would float 40 million class A common stock under the 'PTON' ticker, raising $1.2bn.

The pricing would almost double the $4.2bn valuation the firm struck in its last private round of fundraising in August last year.

Peloton sells $2,200 exercise bikes and $4,000 treadmills, equipped with 22-inch screens that beam live workouts.

The company filed the documents to go public back in August, reporting $915m in total revenue for the year ending 30 June 2019 - an increase of 110% from the fiscal year prior.

But the firm was also facing a $300m lawsuit from a group of music publishers, who claimed Peloton had used songs in its workouts without paying licensing fees.