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Peloton, best known for home fitness equipment and related streaming fitness services, on Tuesday revealed increasing sales but extended losses before the IPO, in documents filed with regulators.
Peloton reported $ 915 million in sales for the fiscal year ended June 30, 2019, an increase of 110% from $ 435 million in fiscal 2018. In fiscal 2019, net loss expanded to $ 245.7 million, from a net loss of $ 47.9 million. [1
The fitness company expects to raise $ 500 million in the offer. Previous estimates have put the valuation at around $ 8 billion.
Peloton, who previously said it had filed the papers confidentially, creates cycles and treadmills with screens for users to participate in live and recorded exercise classes from their homes, hotel rooms or offices.
Peloton was founded in 2012 and sold its first cycle in 2014. It has since expanded beyond its $ 2,000 bicycles to and treadmills sell for $ 3,995. Access to subscription classes costs $ 39 per month.
The company began selling digital membership last year for $ 19.49 a month, serving people who may not want to invest in expensive equipment. It has about 102,000 of these digital subscribers, who can stream yoga, meditation, bootcamp, running and walking classes.
The registration documents state that it plans to further expand its international footing, which it warned would entail new costs.
Peloton, which will list under the ticker "PTON," expects to trade its shares on Nasdaq. It cooperates with insurance companies including Goldman Sachs & Co and JP Morgan.
Peloton joined CNBC's "Disruptor 50" list for the past two years.
Publication: CNBC Parents Comcast-NBCUniversal is an investor in Peloton.
Correction: Peloton expects to raise $ 500 million in the offer. An earlier version said incorrectly that the amount was not disclosed.