Fitbit Shares Surge 55% On Their First Day Of Trade

Fitbit Inc. shares surged 55% on their first day of trade Thursday, after pricing a dollar above the initial public offering price range. The shares were last quoted at $31 versus their issue price of $20. The maker of wearable fitness-tracking devices sold 36.6 million shares to raise $732 million, giving it a valuation of about $4.1 billion. The company raised the price range to $17 to $19 a share from its original range of $14 to $16 and increased the share count from an original 29.9 million. President Barack Obama was recently spotted wearing the signature wrist band.