This morning San Francisco-based Fitbit debuted its initial public offering on the New York Stock Exchange after increasing the price of its shares to $20 apiece: The IPO raised $732 million, making it the biggest consumer electronics IPO in history, according to Dealogica.
The stock began trading on the NYSE above $30 a share. According to CNBC, the average Fitbit insider, including its employees, owned shares valued at about $0.37 cents a pop.
Fitbit’s IPO beat out wearable camera company, GoPro’s big $427.2 million IPO from last summer, and even topped the former consumer electronics IPO record holder, Duracell, which pulled in $433 million from its 1991 IPO.
Most of the investment community is focused on how Apple’s recently launched Apple Watch, which features some of the same fitness tracking features as Fitbit’s devices, will impact the newly public company. Fitbit’s IPO debuted before Apple has announced any official Watch sales figures. While Apple’s higher priced wearable will compete with Fitbit on the high-end, recent analyst reports have also show that lower-priced wearable makers like China’s Xiaomi are already making considerable gains in worldwide wearable marketshare. Keep reading>>