Indoor cycling giant Peloton has revealed plans to launch an initial public offering (IPO).

The company, which was launched in 2012, has more than 1 million people using its streaming workouts and was valued at around US$4bn (€3.6bn, £3.2bn) in August 2018.

It recently raised US$550m (€489m, £433m) financing from investors including UK's Bailie Gifford and Felix Capital and led by US giant TCV, whose interests include entertainment giant Netflix.

In a short statement, Peloton said: "We confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the "SEC"), relating to the proposed initial public offering of its common stock.

"The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions."

Peloton offers studio-style workouts in the convenience of people's homes. The service streams up to 48 live classes a day from its New York- and London-based studios and also has a library of thousands of on-demand classes.

It was founded in 2012 by John Foley, Tom Cortese, Hisao Kushi, Yony Feng and Graham Stanton.