Peloton Interactive Inc. (PTON) - Get Report shares will debut on the Nasdaq stocks exchange Thursday after the fitness and tech company raised $1.2 billion in an initial public offering that drew solid interest from Wall Street.

Peloton priced its IPO at $29 per share, hitting the top end of the $26 to $29 dollar per share range that investment banks had used to market the deal to investors, in a move that values the New York-based group at just over $8.1 billion. Goldman Sachs, Bank of America Merrill Lynch, Barclays and JPMorgan lead the deal, Peloton said.

Peloton has built an impressive following in the seven years since it was founded, with celebrity endorsements adding to the popularity of its tech and fitness platform, which allows its 1.4 million users to access the company's streaming and data technology while using its signature stationary bikes and treadmills - which cost between $2000 to about $4000 each.

More than half a million of Peloton's members are what the company calls "connected subscribers" paying a monthly fee of between $20 and $40 to access online classes and connect with other users. 

However, like many tech start-ups and new Nasdaq listings, it has yet to deliver sustained profits, even as revenues continue to rise. Peloton's 2019 fiscal year, which ended in June, saw the group book a wider-than-expected $195.6 million loss on sales of $915 million,