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Wearable fitness tracker Fitbit IPO priced at US$20 per share
[NEW YORK] Fitbit Inc, a maker of wearable fitness tracking devices, priced its initial public offering at US$20 per share, valuing the company at about US$4.1 billion.
Fitbit's IPO raised US$731.5 million, after its initial public offering of nearly 36.6 million shares was priced above its expected price range.
The company on Tuesday expected the IPO to be priced between US$17 and US$19 per share.
Fitbit makes both wrist bands and clippable devices that monitor a user's fitness activity by tracking the calories burned or distance covered, among other things.
The company's shares are expected to start trading on Thursday on the New York Stock Exchange under the symbol "FIT".
Morgan Stanley, Deutsche Bank Securities and Bank of America Merrill Lynch were among the underwriters for the offering.