Peloton prices its IPO at a top-of-the-range $29 a share, raising $1.2 billion

Peloton Interactive Inc. , , announced Wednesday night that it will charge $29 a share in its initial public offering, the top of the targeted range. Peloton plans to sell at least 40 million shares at that price, which would raise $1.16 billion at an initial valuation of about $8 billion. In addition, existing investor TCV will purchase $100 million in shares at the IPO price. Underwriters, led by Goldman Sachs and J.P. Morgan, have access to an additional 6 million shares that could push the total higher. Shares are expected to begin trading Thursday morning on the Nasdaq Global Select Market under the ticker symbol PTON.

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