Connected fitness technology firm Peloton Interactive Inc. today set a price of $26 to $29 per share ahead of its initial public offering, valuing the company as much as $8 billion and raising a planned $1.2 billion.

Founded in 2012, Peloton offers connected in-home exercise gym bikes and treadmills that come with screens. They can be used to participate in subscription-based online workout classes. The company charges users $39 per month for access to fitness classes that are offered via the screen built in to its bikes and treadmills.

The company describes itself as “revolutionizing the fitness industry by merging high-design with modern technology to provide access to live and on-demand fitness group classes led by elite NYC instructors.”

Despite the high price of its fitness bikes, starting at $2,245, and treadmills starting at $4,295, they’ve found a willing audience. Coming into its IPO, Peloton reported $915 million in revenue for its financial year ending June 30, up 110% over what it reported for its prior fiscal year.

Like many tech startups, however, Peloton has yet to make a profit. For the year ended June 30, the company reported a loss of $245.7 million, up from $47.9 million the year before. According to its U.S. Securities and Exchange Commission filing, Peloton had 511,000 paying subscribers as of June 30.

Peloton’s largest shareholders are Tiger Global with a 19.8% share, True Ventures with 12% and Fidelity Investments with 6.8%. The company raised $994.7 million over eight venture capital rounds, according to Crunchbase. Its last round of $550 million in August last year raised on a valuation of $4 billion.

Peloton’s IPO comes in a busy year for tech startups going public, many of which have found willing investors, with a few exceptions, such as Uber Technologies Inc. and Lyft Inc.

The next significant tech stock scheduled to go public is content delivery network provider Cloudflare Inc. on Sept. 13. The company filed a confidential SEC S-1 filing in July followed by officially declaring its intent to go public in August. As of Sept. 3, the company said it was looking to raise $10 to $12 per share on a valuation of up to $3.5 billion.

Photo: Peloton