Wearable fitness tracker Fitbit valued at $4.1 bln

Fitbit Inc priced its initial public offering at $20 per share valuing the maker of wearable fitness tracking devices at about $4.1 billion. The IPO raised $731.5 million, after the initial public offering of nearly 36.6 million shares was priced above the expected price range. The company on Tuesday expected the IPO to be priced between $17 and $19 per share, for an offering of 34.5 million shares. Fitbit makes both wrist bands and clippable devices that monitor fitness activity by tracking calories burned or distance covered, among other things. Fitbit said it held an 85 percent share in the U.S. connected activity tracker market in the first quarter of 2015, on a dollar basis, citing research firm NPD Group. The company faces stiff competition from rivals such as Garmin Ltd , Jawbone and Misfit but its biggest challenger could be Apple Inc’s Apple Watch. The company’s shares are expected to start trading on Thursday.

We intend to apply to list our Class A common stock on the New York Stock Exchange under the symbol “FIT.”

Fibit’s registration statement with the Securities and Exchange Commission

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