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TORONTO — SoulCycle, the pricey American exercise chain with a cult-like following, will open its first international location in Toronto this March — with plans to expand to multiple locations in the city and across Canada.

But industry insiders say it may face a more challenging ride north of the border, where some boutique spin studios operate at about half the cost of what SoulCycle typically charges its clients.

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CEO Melanie Whelan, however, is bullish on the booming fitness company’s chances in Canada.

“We see tremendous opportunity in the Canadian market,” she said in a statement.

New York-based SoulCycle opened its first studio in 2006 and has since grown to 67 locations in the U.S., with four more set to open this winter.

It’s en route to expand to at least 250 studios in the country at a rate of 10 to 15 studios per year, according to a preliminary prospectus the company filed in the summer of 2015 for an initial public offering that has yet to happen.