The Traderszone Network

Published in TZ Latest News 17 June, 2015 by The TZ Newswire Staff

Fitbit raises $732 million in IPO: Reports

Fitbit Inc., which tripled sales last quarter of devices that track everything from exercise to sleep patterns, raised $732 million after pricing its initial public offering above a marketed range. Fitbit had already boosted the price range and size of the IPO on Tuesday amid stronger-than-expected demand. The fitness tracker, which the share sale values at $4.1 billion, is challenging competitors from Apple Inc. to China’s Xiaomi Corp. Another rival, Jawbone Inc., is suing Fitbit, alleging it infringed on patents, stole employees and plundered trade secrets.