NEW YORK (Reuters) - Peloton Interactive Inc PTON.O, the U.S. fitness startup known for on-demand workout programs on its exercise bikes, on Wednesday raised $1.16 billion in its initial public offering after pricing shares at the top end of its target range.

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The IPO by Peloton, which has not turned a profit for at least the past three years, was seen by some in the market as a test of investor appetite for loss-making stocks.

Peloton priced its IPO at $29 per share, compared to a price range of $26-$29, the company said in a statement, confirming an earlier Reuters report.

This valued Peloton at around $8.1 billion, almost double its most recent valuation in the private market of $4.15 billion, according to data provider PitchBook.

Peloton's listing comes after teeth alignment company SmileDirectClub SDC.O, whose $74.8 million losses like Peloton's more than doubled last year, priced its shares above its target range in its IPO. The stock tumbled on their market debut earlier this month.

Ride-hailing companies Uber Technologies UBER.N and Lyft Inc LYFT.O, which have no stated timetable for becoming profitable, have also struggled since going public earlier this year.

Founded in 2012, Peloton sells indoor bicycles in packages requiring memberships to access live and on-demand classes from home.

For the year ended June 30, Peloton’s revenue more than doubled to $915 million but net losses widened to $195.6 million from $47.9 million.

The stock is due to begin trading on the Nasdaq Stock Exchange on Thursday under the symbol “PTON.”

Goldman Sachs, J.P. Morgan, Bank of America Merrill Lynch, Barclays are among the underwriters to the IPO.

(This story has been refiled to add dropped name “Peloton” to first sentence.)