Get All Access for $5/mo

FitBit Raises IPO Price Range to $19 Per Share The wearable fitness tech company is expected to IPO today.

By Kayla Tausche

This story originally appeared on CNBC

FitBit | Instagram

FitBit has raised its price range for shares in its initial public offering (IPO) to $17 to $19 per share, the company said Tuesday in a regulatory filing ahead of the company's stock pricing, which takes place on Wednesday, June 17.

At the midpoint of the range, it would value FitBit at roughly $3.7 billion.

The company said it would offer 22.4 million shares of Class A stock and selling stockholders would offer 12.1 million shares of Class A common stock in the IPO.

The maker of popular fitness bands previously sought to sell shares between $14 to $16 apiece, raising as much as $478 million. FitBit, which is profitable, recorded about $100 million in net income on $745 million in revenue in the most recent calendar year.

Kayla Tausche is an on-air reporter based at CNBC Headquarters in Englewood Cliffs, NJ. Tausche is also a member of the ensemble cast of CNBC's "Squawk Alley," where she focuses on the big money backing technology.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

How to Build a Successful Startup, According to an Investor Who Made Early Bets on Twitter, Lyft, and Twitch

He's found a few patterns after nearly two decades of investing in startups.

Growing a Business

The Top 5 AI Tools That Can Revolutionize Your Workflow and Boost Productivity

Discover the top 5 AI tools for marketing and content creation that every marketer needs to know.

Business News

Google Lays Off Hundreds of 'Core' Employees, Relocates Others Overseas

The layoffs were announced days before Google's parent company, Alphabet, announced its Q1 2024 earnings.

Franchise

Four Takeaways for the Franchise Industry From My Time at the Republican National Convention

Matt Haller, President and CEO of the IFA, says the stakes are high for franchisors and franchisees in the upcoming presidential election.