Fitbit Inc (FIT.N) priced its initial public offering at $20 per share on Wednesday, valuing the maker of wearable fitness tracking devices at about $4.1 billion.

The IPO raised $731.5 million, after the initial public offering of nearly 36.6 million shares was priced above the expected price range.

The company on Tuesday expected the IPO to be priced between $17 and $19 per share, for an offering of 34.5 million shares. (bit.ly/1LfS8DP)

Fitbit makes both wrist bands and clippable devices that monitor fitness activity by tracking calories burned or distance covered, among other things.

Fitbit said it held an 85 percent share in the U.S. connected activity tracker market in the first quarter of 2015, on a dollar basis, citing research firm NPD Group.

Founded in 2007, Fitbit has reported sales of more than 20.8 million devices as of March 31, more than half of which were sold in 2014 alone. (bit.ly/1LfS8DP)

Fitbit’s revenue nearly tripled to $745.4 million in 2014 from the previous year.

The company faces stiff competition from rivals such as Garmin Ltd (GRMN.O), Jawbone and Misfit. But its biggest challenger could be Apple Inc’s (AAPL.O) Apple Watch, which has a host of health-related features and apps.

Venture capital firm Foundry Group is the largest shareholder in San Francisco-based Fitbit, with a 28.9 percent stake.

The company’s shares are expected to start trading on Thursday on the New York Stock Exchange under the symbol “FIT”.

Morgan Stanley, Deutsche Bank Securities and Bank of America Merrill Lynch were among the underwriters for the offering.

(Reporting by Sudarshan Varadhan and Shubhankar Chakravorty; Editing by Ken Wills and Leslie Adler)

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