FitBit, the maker of fitness-tracking gadgets, priced its initial public offering at $20 a share, according to a person familiar with the matter.
The San Francisco-based company raised the per-share price by $1 after the market closed, and is valued at $4.1 billion heading into its New York Stock Exchange debut on Thursday.
Investors are clamoring for a piece of a company that has a very unusual characteristic among tech IPOs these days—it actually makes money.
A lot of money.
In the first quarter of 2015, FitBit generated net income of $48 million, a more than fivefold increase from a year earlier.
Tech investors often talk about $100 million in annual revenue as the bar to going public. FitBit is doing twice that in bottom-line profit, and in the first quarter alone posted $337 million in sales.
FitBit will trade under the ticker symbol FIT. The company raised $732 million in the offering.