NEW YORK (AP) — The connected exercise machine company Peloton plans to raise as much as $1.3 billion in an initial public offering of stock.

The New York company, known for its stationary bikes that allow users to stream workouts live or on-demand, says it plans to offer 40 million shares. Underwriters will have a 30-day option to buy up to an additional 6 million shares. The stock is expected to be priced in a range of $26 to $29 per share.

Users pay thousands of dollars for Peloton machines and about $40 per month for a subscription. The company also makes high end treadmills that cost more than $4,000.

Peloton Interactive Inc., founded in 2012, will list on the Nasdaq under the "PTON" ticker symbol.

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