Fitbit shares surged to $30.40 at the opening bell of the company’s first day on the market, as the wearable technology company made its initial public offering. The price settled to $29.68 by the end of the trading day, up 48 percent from its $20 opening price.
The successful first day comes on the heels of IDC’s prediction that the wearable market will surge almost 175 percent this year, with devices like Fitbit’s flagship Surge leading the way.
However, Fitbit also makes other fitness-tracking peripherals, including pedometer and altimeter clips, scales and compatible software that helps users track goals. Fitbit led the wearable market in the first quarter of 2015, according to another IDC study, with 34 percent of all wearable devices bearing the San Francisco company’s name.
CEO and co-founder James Park told the New York Times that the influx of capital would help the company expand and may lead to more acquisitions.