Fitbit, which offers wearable fitness sensors that track daily activities, announced terms for its IPO on Tuesday.
The San Francisco, CA-based company plans to raise $448 million by offering 29.9 million shares (25% insider) at a price range of $14 to $16. At the midpoint of the proposed range, Fitbit would command a fully diluted market value of $3.7 billion and an enterprise value of $3.3 billion.
Fitbit, which was founded in 2007 and booked $973 million in sales for the 12 months ended March 31, 2015, plans to list on the NYSE under the symbol FIT. Morgan Stanley, Deutsche Bank and BofA Merrill Lynch are the joint bookrunners on the deal.
