FitBit has gone public today after filing for a $100 million initial public offering (IPO).
The company is trading on the NYSE with the FIT ticker and opened at $30.40 per share, up 52 percent above expectations of $22 per share.
FitBit’s devices are hugely popular, seeing 10.9 million devices sold in 2014 and an additional 3.9 million devices sold through March 31 of 2015.
The IPO comes at an interesting time, with the Apple Watch launching only a few weeks ago. The company might be trying to squeeze value out of the market before it becomes significantly more competitive.
The fact that FitBit is actually profitable is fairly unique for a technology company going public. It reportedly controls 85 percent of the current wearable fitness tracking market, which may account for such a strong IPO.
➤ NYSE:FIT [Yahoo Finance]
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Image credit: FitBit
