Fitbit has updated its S-1 filing, preparatory to going public, saying it expects to price the nearly 40 million shares it will sell at between $14 and $16. Of the shares going on the market, 22.4 million of them are being sold by the company; the other 7.5 million are being sold by existing shareholders.
At the midpoint of the selling price, the IPO will add $336 million to Fitbit’s bank account — and $112.5 million to shareholders cashing out. The first version of the S-1 said the company expected to raise $100 million. Total company valuation would be about $3.1 billion.
The shares being sold are Class A shares, which carry one vote per share. Class B shares, which have 10 times the voting power, are not for sale, assuring that insiders will continue to control the company.
Fitbit, by every analysts’ count, is the biggest company in the fitness band category, although Canalys estimates that second-quarter figures will show Apple, whose Watch has been reaching the market over the last month or so, in that position.
Fitbit has also been the target of a lawsuit from rival Jawbone, which claims the larger company has been poaching employees, who have allegedly been leaving with confidential market data.
