Peloton Interactive  (PTON) - Get Report , the connected fitness company, opened for trading Thursday at $27 a share, $2 below its initial public offering price of $29, and closed the day down more than 11% to $25.76.

Peloton's offering, priced Thursday evening, raised nearly $1.2 billion and valued the company at about $8 billion, more than double the valuation Peloton fetched in its most recent round of fundraising in August 2018.

Peloton's membership base and revenue have been growing quickly, but so have its losses as it invests heavily in marketing and growing its business. The company's base of "connected subscribers," meaning they have a paid subscription, has increased to 511,202 from 245,667 in 2018, according to the company's S-1 filing. Its home fitness equipment ranges from $2,000 to $4,000, while its workout plan subscriptions range from $20 to $40 per month.

Overall, Peloton's fiscal 2019 revenue was $915 million, representing growth of 110% from 2018. But Peloton reported a loss of $245.7 million compared with a loss of $47.9 million the prior year.

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