Peloton: Fitness start-up seeks to raise $1.3bn in market debut

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　　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, the firm said it plans to offer 46 million shares, priced between $26 and $29 per share. That would give the company a market value of up to $8.2bn.

　　Peloton's most recent earnings report showed a rise in revenues but the company fell short of turning a profit.

　　For the year ended 30 June, revenues more than doubled to $915m while its net loss widened $195.6m from $47.9m.

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　　Media captionHow can a company be valued at billions, but not make any profit？

　　The planned listing comes on the heels of several high-profile US stock debuts.

　　Uber and Lyft both went public this year but drew criticism over their heavy losses.

　　WeWork's stock market debut - one of the most hotly anticipated financial events of the year - is also in doubt.

　　The company rents office space for the long-term, subletting that space to firms and individuals on more flexible lease terms.

• 　　Uber shares sink on stock market debut

• 　　WeWork stock market debut in doubt

　　SoftBank, the Japanese investment firm that owns about 30% of WeWork, has reportedly urged the property company to drop its flotation plans.

　　The pressure follows signs that outside investors do not value the much-hyped firm as highly as SoftBank did when it invested last year.