SAN FRANCISCO (AP) — Wearable fitness tracking device maker Fitbit, which filed for an initial public offering last month, said Tuesday that it now expects the offering to raise about $450 million.
The company disclosed that it is planning an IPO of 29.9 million shares priced at $14 to $16 per share. At $15 per share, that would raise $447.8 million. Fitbit intends to sell 22.4 million of those shares, which would bring it $335.8 million at the midpoint price. The remaining 7.5 million shares are being sold by company stockholders and the proceeds from the sale of those shares won’t go to Fitbit.
Fitbit Inc. filed for an IPO worth up to $100 million on May 7. The company intends to list its shares on the New York Stock Exchange under the ticker symbol “FIT.”
Fitbit makes six different watch-sized devices that can track how many steps a wearer takes and estimate how many calories they are burning, how far they’ve traveled, and how long they’ve been active.
The San Francisco company said it had an 85-percent share of the U.S. connected activity tracker market in terms in the first quarter. It reported $336.8 million in revenue during those three months.
On Wednesday rival Jawbone filed a lawsuit against Fitbit and a group of employees who quit Jawbone to work for Fitbit, saying they stole trade secrets, business plans, market research, and other information. Fitbit said it doesn’t need to take information from Jawbone or any other company and isn’t aware of any confidential or proprietary information from Jawbone in its possession. The company said it will defend itself against the lawsuit.