Fitbit IPO pumps up the heart rate of investors
Fitbit sprinted into Wall Street in its debut as a public company Thursday, as its shares opened 52 percent higher than the price that the wearables company had set for them.Priced at US$20 on Wednesday, the stock instead opened at $30.40. Earlier in the week Fitbit had increased the price range of its IPO to $17 to $19 from the original range of $14 to $16.With its shares trading for around $30, Fitbit is worth approximately $6 billion dollars.Fitbit’s wearables collect health and fitness data, including calories burned and steps walked. While smartwatches also offer these features, some analysts are bullish about fitness trackers, saying that they generally have simpler user interfaces, longer battery lives and lower prices.To read this article in full or to leave a comment, please click here