Fitbit, which offers wearable fitness devices that track daily activities, raised the proposed deal size for its upcoming IPO on Tuesday. The San Francisco, CA-based company now plans to raise $621 million by offering 34.5 million shares (35% insider) at a price range of $17 to $19. The company had previously filed to offer 29.9 million shares (25% insider) at a range of $14 to $16. At the midpoint of the revised range, Fitbit will raise 39% greater proceeds than previously anticipated.
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. It is expected to price during the week of June 15, 2015.
