The maker of wearable fitness-tracking devices priced its IPO of 36.6 million shares at $20 a share, after having raised its IPO price range to $17 to $19 a share on Tuesday due to a strong demand among investors, CNBC.com reports.
This marks the third-largest U.S. IPO this year, according to deal tracker Dealogic, The Wall Street Journal reported.
San Francisco-based Fitbit raised $732 million, higher than initially expected, and currently, the eight year old company is valued at $4.1 billion, the Journal added.
Its devices include FitbitZip, Fitbit One, Fitbit Flex, Fitbit Charge, Fitbit Charge HR, Fitbit Surge and Fitbit Aria, ranging from $59.95 to $249.95. These devices can be clipped or strapped to the body for counting steps, measuring sleep activity and monitoring workouts.
Overall, the market for wearable fitness devices is growing, and it is set to grow from about 15.4 million total units shipped in 2014 to about 52 million in 2019, the Journal noted.
But as more and more health-conscious consumers look to fitness devices for motivation to improve their lifestyles, more competitors are entering the market with other fitness-tracking devices, such as Jawbone's UP24 $130, Nike (NKE)'s Nike+Fuelband $79, and Apple (AAPL)'s smartwatch, $350.
More than 36.6 million shares are changing hands as of 11:22 a.m.