Let the wearables games begin.
In an encouraging sign for the nascent category, shares of Fitbit jumped 52 percent after the company’s initial public offering on the New York Stock Exchange today. The stock is listed under FIT and shot up to $30.39 in midmorning trading, having been priced at $20 for the IPO. Fitbit and early shareholders sold 36.6 million shares to the public.
Fitbit said it would hit the Big Board last month and revealed that it sold almost 11 million devices last year and brought in a $132 million profit on revenues of $745.4 million. The company’s been an early leader in the space, along with Jawbone, commanding about half of the wearable market to date — but the recent entrance of the Apple Watch might threaten that head start.
Fitbit will host an outdoor fitness event for consumers in front of the stock exchange today. The group workout is open to the public and will be taught by celebrity trainer Harley Pasternak and actress Jordana Brewster.
The wearable company has raised $66 million in funding since it was founded eight years ago by Eric Friedman and James Park.