Peloton has reportedly picked banks for an IPO which could value it at more than $8 billion

Peloton

Peloton CEO John Foley

• Peloton, which sells digital exercise bikes, has reportedly chosen banks to lead an IPO.
• Goldman Sachs and JPMorgan will lead the IPO, according to Bloomberg, which reported that the deal could value the company at more than $8 billion.

Peloton, a digital exercise equipment company retailer, has reported lty chosen bankers for an IPO.

Business Insider/Mary Hanbury

Peloton sells exercise bicycles, treadmills and subscriptions to digital content.

Goldman Sachs and JPMorgan will lead the IPO, according to Bloomberg, which added that the deal could value the company at more than $8 billion.

Founded in 2012, Peloton sells high-end exercise bikes and treadmills, as well as subscriptions to content that streams on the machines, and separate digital exercise classes. The basic Peloton bike costs $2,245, and a Peloton treadmill costs $4,295.

Read more: The inside story of Peloton, a fitness media company that was rejected over 5,000 times by investors but is now worth $4 billion

Peloton was last valued at $4.15 billion in a 2018 funding round led by Technology Crossover Ventures, according to PitchBook. It's backed by others including Wellington Management, Fidelity Investments and Kleiner Perkins.

Since it sells consumer goods, Peloton could be considered a retail company, but it's expected to price on the public markets at similar multiples to other technology companies, one person familiar with the company said.

Peloton did not respond to a request for comment.

Read more: A leading investor in Peloton and Equinox reveals how artificial intelligence is fueling a new wave of fitness trends