Fitbit opens up 52%

Fitbit rallied as much as 52% on Thursday in its debut as a public company.

Shares of the maker of fitness trackers opened at $US30.40 a share, 52% higher than the initial public offering price of $US20.

The opening price valued the company at about $US6.3 billion.

According to Bloomberg, its price was indicated to open in the range of $US28 to $US30.

It is trading on the New York Stock Exchange with the ticker FIT.

The company had first priced its offering at $US14 to $US16 per share with a plan to sell 29.9 million shares. This range was raised to $US17 to $US19, and the number of shares on offer increased to 34.5 million after investors showed strong demand.

According to CNBC, the average Fitbit insider owns the stock at $US0.37 a share.

Fitbit earned $US745.4 million in revenues last year, sold 10.9 million devices, and had nearly 7 million paid active users, according to its IPO filing.

Here’s a chart showing the stock’s trade into the afternoon:

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