NEW YORK (TheStreet) -- Shares of Fitbit (FIT) were slipping, down 5.62% to $35.75 Wednesday morning to trade in the red for the first time following its initial public offering debut on the floor of the New York Stock Exchange last Thursday.
This morning, Fitbit announced the closing of its IPO of Class A common stock and the full exercise of the underwriters' option to purchase 5,486,250 additional shares.
Fitbit said it sold 22,387,500 shares and the selling stockholders sold 19,673,750 shares for a total of $841.2 million.
San Francisco-based Fitbit priced its initial public offering at $20 per share, above early expectations.
The fitness device company now has a total market cap of about $7.32 billion as of 9:56 a.m. ET today.
Fitbit is a provider of health and fitness products, that combines connected health and fitness devices with software and services, including an online dashboard and mobile applications, data analytics, motivational and social tools, personalized insights, and virtual coaching through fitness plans and interactive workouts.