Fitness tracker sales fitness tracker Fitbit has been going up in the fitness world, but how much is the company worth? Well, we now have a valuation figure based on the firm's IPO.
Reuters reports that the initial public offering was priced at $20 per share yesterday, meaning that Fitbit is worth a cool $4.1 billion (£2.6 billion).
The IPO fetched more than expected, as the company was anticipating around the $17-$19 per share mark. As it was, 36.6 million shares were sold for a total of $731 million (£460 million) raised. That money will be used in the usual ways, namely to further research new products, and also to look at potential acquisitions.
Fitbit’s shares start trading on the New York Stock Exchange today
Figures revealed by analyst firm Canalys last month showed that Fitbit managed to sell 7 million fitness bands in the first quarter of this year, making it the top vendor – and that isn't including the firm's clip-on trackers.
Another report in May, from Argus Insights, estimated that Fitbit dominates the fitness tracker market with an almost 70 per cent share.
Fitness tracker sales are also expected to increase by 150 per cent year-on-year – according to Canalys – so the future looks pretty rosy for Fitbit right now. It'll be interesting to see how the stock price fares over the remainder of this year…
To read our review of the Fitbit Charge, click here.