Fitness tracking device maker Fitbit has significantly increased the size of its proposed IPO, which is expected to price this Thursday night.
The San Francisco-based company now says that it plans to offer 34.5 million shares at between $17 and $19 per share, compared to earlier plans to offer 29.85 million shares between $14 and $16 per share. If it prices at the top of its revised range, the company would have an initial market cap of around $3.89 billion.
Fitbit has been hit by a pair of lawsuits in the past month from rival Jawbone, but the IPO terms increase suggests that the complaints aren’t dampening investor enthusiasm.
The company plans to trade on the NYSE under ticker symbol FIT, with Morgan Stanley, Deutsche Bank and BofA Merrill Lynch serving as lead underwriters.
It reports nearly $132 million in net income on $745 million in revenue for 2014, compared…
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