Fitbit (FIT) IPO Opens Up 52%

Today's IPO for Fitbit (NYSE: FIT) opened for trading at $30.40 after pricing 36,575,000 shares of its Class A common stock at a price to the public of $20 per share, above the expected $17-$19 range which was recently raised.

Fitbit is offering 22,387,500 shares and certain selling stockholders are offering 14,187,500 shares. In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 5,486,250 shares of Class A common stock.

Morgan Stanley, Deutsche Bank Securities, and BofA Merrill Lynch are acting as active joint book-running managers for the offering. Barclays and SunTrust Robinson Humphrey are acting as passive joint book-running managers and Piper Jaffray, Raymond James, Stifel, and William Blair are acting as co-managers.

Fitbit is transforming the way millions of people around the world achieve their health and fitness goals. The Fitbit platform combines connected health and fitness devices with software and services, including an online dashboard and mobile apps, data analytics, motivational and social tools, personalized insights, and virtual coaching through customized fitness plans and interactive workouts. The company's platform helps people become more active, exercise more, sleep better, eat smarter, and manage their weight. Fitbit appeals to a large, mainstream health and fitness market by addressing these key needs with advanced technology embedded in simple-to-use products and services. The company pioneered the connected health and fitness market starting in 2007, and since then, we have grown into a leading global health and fitness brand. As of March 31, 2015, they have sold over 20.8 million devices since inception.

In 2011, 2012, 2013, and 2014, the company had revenue of $14.5 million, $76.4 million, $271.1 million, and $745.4 million, respectively, net income (loss) of $(4.3) million, $(4.2) million, $(51.6) million, and $131.8 million, respectively, and adjusted EBITDA of $(4.0) million, $(2.4) million, $79.0 million, and $191.0 million, respectively. For the three months ended March 31, 2014 and 2015, they had revenue of $108.8 million and $336.8 million, respectively, net income of $8.9 million and $48.0 million, respectively, and adjusted EBITDA of $42.0 million and $93.4 million, respectively.

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