The fitness tracker company Fitbit finished its second day of trading on the New York Stock Exchange in grand style Friday, it’s stock surging up another 9.5 percent.
The stock began selling at $20 per share Thursday and closed the day up almost 50 percent at $29.68. The stock opened at $31.16 Friday and closed the day at $32.50.
Fitbit sold 10.9 million of its fitness wearables and connected scales during 2014, sales greater than the sum of all previous years in the San Francisco company’s eight-year history.
The strength of the Fitbit IPO could point to better days for health-related IPOs. Investors have been cautious about IPOs in the space since last year’s disappointing Castlight Health outing.
Fitbit raised $731.5 million in the IPO, making it the fourth largest offering in 2015.
Institutional investors were excited about the Fitbit IPO from the day it was announced in a filing. Fitbit originally said it planned to raise $100 million in the IPO, but that target was quickly ratcheted up.
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