Yesterday, June 17, 2015, Fitbit Inc. (NYSE: FIT), a health and fitness company, released information regarding their Initial Public Offering (IPO). The company has been set to begin trading today, Thursday, June 18, 2015 using the symbol “FIT” on the New York Stock Exchange. The company filed their registration statement for the proposal of today’s Initial Public Offering only a few months back, May 2015. The pricing of Fitbit’s Class A common stock is $20.00 a share, for an offering of 36,575,000 shares. However, the company is offering 22,387,500 shares and 14,187,500 shares offered from other selling stockholders. Underwriters have been granted, by the other selling stockholders, a 30 day option to purchase additional shares of Class A common stock, (up to 5,486,250 shares).
The acting active joint book-running managers of this offering are the following banks: Morgan Stanley (NYSE: MS), Deutsche Bank Securities (NYSE: DB) and Bank of America Merrill Lynch (NYSE: BAC). The passive managers include the following: Barclays (NYSE: BCS) and SunTrust Robinson Humphrey. The acting co-managers are the following: Piper Jaffray (NYSE: PJC), Raymond James, Stifel and William Blair.
So far for today’s reaction for Fitbit’s stock is moving in a healthy direction, up by approximately +10.17 change and an approximate +50.85% change. This U.S. based company seems that it will be performing well throughout the near future. Fitbit is a pretty strong company given their ability to recover in sales and realize strong revenues after their product recall.