Initially the company planned to sell 29.9 million shares.
Fitbit’s grand opening at the New York Stock Exchange was marked with a surge in its share price, with the initial $20 share price soaring to $30. This took the company’s valuation to more than $6bn.
The wearable maker raised $732m from the share sale, which is expected to be used for research and development and acquisitions to expand its reach.
Initially, the wearable maker planned to sell 29.9 million shares but, due to the share price and consequent demand of fund managers and analysts, decided to sell 34.5 million shares at a range of $17 and $19 per share.
According to a research conducted by the NPD Group, Fitbit has 68% of the activity tracker market share in the US, but it is facing tough competition from rival service Jawbone.
The competition in the market has increased further after Apple entered the market with its Apple Watch, which also tracks health related data of its users.
However, the company’s journey to the IPO was not smooth, as previously it was slapped with a lawsuit by rival wearable maker Jawbone for poaching employees who allegedly stole sensitive company data before joining Fitbit.
Around 72.1 million wearable devices are expected to be shipped this year, which is more than double from last year’s 26.4 million units, IDC estimated.