The fitness tracker producer initially hoped to raise $448m through its initial public offering, but has increased the pricing to $20 a share.

US-based wearables products manufacturer Fitbit, backed by semiconductor maker Qualcomm and telecoms company SoftBank, is set to raise $731.5m when it floats on the New York Stock Exchange later today, Wall Street Journal reported yesterday.

The company targeted a pricing of $14 to $16 a share, equating to $448m in proceeds, in early June 2015 but increased share pricing to $20, valuing the company at $4.1bn.

Established in 2007, Fitbit has sold 20.8 million health and fitness trackers to date,…

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