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Fitbit boosts initial stock sale price to as much as US$19 a share
[HELSINKI] Fitbit Inc, the maker of wearable devices that collect data on exercise and sleep patterns, boosted the price of its initial public offering.
Fitbit and its stockholders plan to offer 34.5 million Class A shares for US$17 to US$19 apiece, according to a prospectus filed Tuesday. Earlier this month, the San Francisco-based company said it planned to price its stock at US$14 to US$16 apiece.
Fitbit is profitable, with US$745 million in revenue last year and over US$100 million in net income. Still, as it markets the sale to investors, the company must show them it can continuing growing despite heightened competition and the tendency for many users to stop using activity trackers after a few months.
Morgan Stanley, Deutsche Bank AG and Bank of America Corp. are managing the offering. The stock will be listed on the New York Stock Exchange under the symbol FIT.