Fitbit plans IPO on $3.3bn valuation

Fitbit, the maker of wearable devices that collect data on exercise and sleep patterns, is seeking to raise as much as $478m (€428.2m) in an IPO.

Fitbit and its stockholders plan to offer 29.85m Class A shares for $14 to $16 apiece. At the high end of the offering range, Fitbit would be valued at about $3.3bn.

The company, which is based in San Francisco, is expected to price its IPO on June 17.