Fitbit plans an initial public offering of 22.4 million shares, raising an additional $358 million in financing, the wearable tech company disclosed in a regulatory filling on Tuesday.
If everything goes to plan, the IPO would be valued at about $448 million, according to a filing first spotted by the Wall Street Journal. The company will be traded on the NYSE as “FIT.”
How Fitbit would spend the money, however, remains an open question. The company says the funds could be used to accelerate research and development or ramp up acquisitions, but no firm plans have been set.
The decision come amid a surge of demand for wearable fitness trackers. Of the 20.5 million devices Fitbit has sold since 2007, more than half were purchased in the last year alone. Fitbit is also seeing much larger tech from Apple to Microsoft enter the fitness tracker and wearable device space recently.
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