Fitbit IPO aims to Raise $358 Million

Fitbit disclosed in a public filing with the SEC the amount of money they plan to raise in the IPO.

According to the updated S1 filing Fitbit is set to raise about $358 million. Fitbit’s new S1 filing says that the company is offering 22,387,500 shares of its Class A common stock and the selling stockholders are offering 7,462,500 shares of Class A common stock.

FitBit anticipates that the initial public offering price of our Class A common stock will be between $14.00 and $16.00 per share. The company has filed for an Initial Public Offering last month. FitBit will trade at the New York Stock Exchange under the symbol FIT. When the IPO will take place is not clear yet.

The fitness tracker market has become very crowded. Fitness Trackers are inside low cost bands from China and are also integrated in most smartwatches including the Apple Watch. The company was an early player and has established itself as a recognizable consumer brand. How their future growth is going to be remains to seen. At least with the IPO they will have money in the bank to play the market.