Fitbit is now trading on the New York Stock Exchange (NYSE) at more than $30 per share, jumping 52%. The company behind popular wearable fitness trackers like the Flex has exceeded even the highest expectations with an initial public offering that valued Fitbit at more than $4 billion.
Yesterday, Fitbit had set its opening price at $20 a share, raising about $732 million through the IPO by selling close to 37 million shares. According to the Wall Street Journal, this is now the third largest U.S. IPO of 2015.
Last year, Fitbit saw $745 million in revenue, boasting a profit of $132 million–a significant improvement from the company’s net loss of $52 million in 2013. But with the recent entry of the Apple Watch into the wearables market, Fitbit may have to up its game even post-IPO: Research firm Slice Intelligence estimates that Apple has already sold 2.8 million units in the U.S. alone.
Fitbit filed to go public last month, with initial plans to raise $100 million.
[via The New York Times]