Date
29 March 2017
Fitbit's co-founder and chief executive James Park outlines his plans during a television interview last year. Photo: Bloomberg
Fitbit's co-founder and chief executive James Park outlines his plans during a television interview last year. Photo: Bloomberg

Wearable tech firm Fitbit seeks up to US$478 mln in US IPO

Fitbit Inc., a San Francisco-based wearable technology company, could raise as much as US$478 million in an initial public offering in the US, Bloomberg News reported.

Fitbit and its investors will offer 29.85 million Class A shares in the US$14-16 range, according to the report.

At the high end of the offering range, Fitbit would be valued at about US$3.3 billion, it said. 

Fitbit had US$745 million in revenue last year and over US$100 million in net income. 

The company, which makes wearable devices that collect data on exercise and sleep patterns, plans to use the proceeds from the IPO for research and development, sales and marketing, and capital expenses and potential acquisitions.

Fitbit was founded eight years ago by two entrepreneurs named James Park and Eric Friedman.  

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