Fitbit Inc., the maker of wearable devices that collect data on exercise and sleep patterns, is seeking to raise as much as $478 million in an initial public offering.
Fitbit and its stockholders plan to offer 29.85 million Class A shares for $14 to $16 apiece, according to a prospectus filed Tuesday. At the high end of the offering range, Fitbit would be valued at about $3.3 billion.
Fitbit is profitable, with $745 million in revenue last year and over $100 million in net income. Still, as it markets the sale to investors, the company must show them it can continuing growing despite heightened competition and the tendency for many users to stop using activity trackers after a few months.
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