Peloton prices its IPO at the top of its range, raking in $1.2 billion and giving it a $8.2 billion value

• Peloton has priced its public offering.
• The maker of connected fitness equipment will go public at $29 a share.
• The offering will raise $1.3 billion for the company and give it a market capitalization of $8.2 billion.
• Peloton's stock is expected to begin trading Thursday under the ticker symbol PTON.
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Fitness equipment maker Peloton found a healthy demand for its initial public offering.

The company priced its shares at $29 a piece Wednesday, it said in a press release. That's at the top of the range it previously forecast and will translate into $1.3 billion in cash that it will raise in the offering. That price will give the company a valuation of around $8.2 billion, about double the valuation it fetched in its last private funding round one year ago.

The company expects its shares to begin trading on the Nasdaq on Thursday under the symbol PTON.

Peloton makes stationary bikes and treadmills equipped with interactive displays. It also offers a subscription video service that streams exercise classes to its exercise equipment.

The company has quickly built up a passionate customer base and seen its sales soar. But it's also posted mounting losses and faces a $300 million lawsuit from top recording artists who allege that it used their songs without permission.

Read this: Peloton, the fitness startup with a cultlike following, could go public at an $8 billion valuation. Insiders reveal why its business seems set to explode.

Peloton's successful IPO stands in sharp contrast to WeWork's failed effort earlier this month to go public. The commercial real-estate company, which a few weeks ago had the highest value of any startup, postponed its offering in the face of Wall Street resistance. It ousted its CEO earlier this week.

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• Read more about Peloton's IPO:
• Peloton, the buzzy exercise-bike startup that ignited the connected-fitness craze, has filed for an IPO and revealed spiraling losses
• Peloton insiders will have 20 votes per share - twice as many as those at other startups - but CEO John Foley may not wield all the power after the IPO
• Peloton is paying its two top execs $21.4 million apiece, even as its losses quadrupled to $245 million in its most recent fiscal year
• In its IPO documents, Peloton warned it's got some particular shortcomings as a business that could lead to fraud or financial restatement