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Fitbit Raises IPO Price, Hits $4B Valuation

Fitbit has raised the proposed price range for its IPO from $14-16 per share to $17-19 per share. The $3 raise implies a valuation of nearly $4B for the wearable fitness tracking company. The company is looking to sell 22.4M shares and also disclosed that shareholders will now sell 12M shares in the offering, up from the previously announced 7.5M. Fitbit is estimating $373.9M in net proceeds and is expected to use the money to fund acquisitions and research and development. [WSJ]

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