Business

Fitbit boosts share price range ahead of its hot IPO

Fitbit is looking strong heading into the final IPO stretch.

The San Francisco-based company on Tuesday boosted the expected price range for its offering by $3 a share, valuing the fitness tracking company at nearly $4 billion.

Despite an onslaught of competition to include the Apple Watch, Fitbit is still seen as the leader in the wearable device category. Its popular fitness bands are all the rage — even President Obama was recently seen sporting a Fitbit Surge watch.

The profitable company has sold roughly 20.5 million devices, which help gadget-obsessed, data-driven consumers count steps and calories burned. Prices run the gamut from the $60 Zip clip-on to the $250 Surge wristwatch.

Fitbit plans to sell 22.4 million shares at $17 to $19 a pop, up from its previous range of $14 to $16 earlier this month, the company said in a regulatory filing.

Fitbit also revealed that early investors and insiders plan to sell 12 million shares in the offering, up from 7.5 million shares.

The company is expected to price its shares Wednesday and start trading Thursday on the New York Stock Exchange under the “FIT” ticker.