Here we go. Fitbit was the first IPO of the Wearables Era, and it went pretty smoothly. The stock, priced at $20, hit the NYSE at a touch above $30, had a big trade at nearly $32 (making some friend of an underwriter about a $10 million profit for just existing), and then settled within a couple of pennies of $30 for the rest of the day. By 10:30 am, pretty much all the … [Read more...]

Tomorrow, Fitbit becomes the first pure wearables company to go public, and today increased its target price (and amount of money it expects to raise) when its shares go on sale. Previously, the company said it expected that just shy of 30 million shares of stock would open at between $14 and $16, for a corporate valuation of about $3.1 billion. Today, a financial filing … [Read more...]