(Bloomberg) — Peloton Interactive Inc. is planning to seek as much as $1.16 billion in its U.S. initial public offering.The home-fitness startup plans to offer 40 million class A shares at $26 to $29 each, it said Tuesday in a filing with the U.S. Securities and Exchange Commission.The company is planning to start its IPO roadshow Wednesday, people familiar with the matter said earlier. Dates for the roadshow could still change, according to the people, who asked not to be identified because the information is private.A representative for Peloton, which filed last month to go public, declined to comment on the IPO timing.Peloton’s roadshow is kicking off as unprofitable unicorns looking to go public face scrutiny over their business prospects. WeWork plans to schedule meetings with investors as soon as this week, even after a steep cut in its potential value spurred a major shareholder to pressure the company to put off the offering.Peloton planned to seek a valuation of $8 billion to $10 billion in an IPO, people familiar with the matter have said. It was worth about $4.2 billion in its most recent private funding round last year.“The path to profitability will be the No. 1 focus and I think that would do a lot for their valuation,” said Michael Kawamoto, an analyst with D.A. Davidson & Co.The startup lost $196 million during the 12 months ended June 30 after losing $48 million during the same time period a year earlier, according to its IPO filing.Founded in 2012, it sells exercise bikes and treadmills that have screens connected to the internet for showing its own workout programs. It also has an app that shares its exercise programming with users who don’t own its hardware.Goldman Sachs Group Inc. and JPMorgan Chase & Co. are leading the offering, the filing shows. The company is planning to be listed on Nasdaq Global Select Market under the symbol PTON.\–With assistance from Julie Verhage.To contact the reporters on this story: Crystal Tse in New York at ctse44@bloomberg.net;Michelle F. Davis in New York at mdavis194@bloomberg.net;Gillian Tan in New York at gtan129@bloomberg.netTo contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Michael Hytha, Liana BakerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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