By Marley Jay
Fitbit flexed some muscle Thursday and its shares rocketed almost 50 percent higher in the first day of trading for the fitness tracking gear maker.
Fitbit’s initial public offering priced at $20 per share, bringing in more than $730 million and valuing Fitbit at about $4.1 billion in total. The company had already raised its stock price expectations this week and said the IPO would include additional shares, but the offering still surpassed its estimates.
The company makes devices that can be worn on the wrist or clipped to clothing. They track steps taken, calories burned and other data and can be synced up with smartphones. Fitbit also sells a Wi-Fi enabled scale that tracks body mass and other data.
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