Peloton Interactive Inc, the indoor cycling startup, is seeking raise as much as $1.16 billion in its IPO, according to an updated filing with the Securities & Exchange Commission.

The New York-based company in a regulatory filing said it expects to offer 40 million shares, or 46 million shares, including underwriters’ option, priced between $26 and $29 per share.

Peloton filed paperwork in August for an initial public offering. At that time it sought to raise $500 million but initial amounts often change based on investor demand. Peloton said it plans to use funds from the offering to run its operations, invest in marketing and acquire new technologies.

The top end of the indicative price range gives the company a market value of $8.23 billion, based on 283.7 million outstanding shares, including the IPO underwriters’ option. The company was most recently valued at $4.15 billion, according to data provider PitchBook.

The company is planning to start its IPO roadshow Wednesday, with presentations this week in Frankfurt and London, according to a schedule obtained by Bloomberg. Meetings with investors will continue in cities including Toronto, San Francisco and New York through Sept. 25, when the shares are set to be priced, according to the schedule

Peloton lost $196 million on sales of $915 million during the 12 months ended June 30, according to its filings. That compared with a loss of $48 million on $435 million in sales during the same period a year earlier. Sales grew 110 percent to $915 million from $435 million in fiscal 2018.

Founded in 2012, Peloton describes itself as the “largest interactive fitness platform in the world” with more than 1.4 million members, according to its filing.

The company specializes in at-home stationary bikes and treadmills that can be used to participate in subscription-based online workout classes. Peloton’s indoor bikes start at $2,245 and its treadmill starts at $4,295. Both require memberships that cost $39 a month and give riders and runners access to on-demand and live classes.

Goldman Sachs, J.P. Morgan, BOfA Merrill Lynch, Barclays are among the underwriters to the IPO. It plans to list under the ticker PTON on the Nasdaq stock exchange