Fitness tracking device maker Fitbit boosts price range ahead of IPO; expects to raise $656M

Fitbit, the maker of wearable fitness-tracking devices, said Tuesday that it now expects to raise as much as $656 million in its initial public offering, more than it previously expected.

The company and some of its shareholders expect to offer 34.5 million shares for between $17 per share and $19 per share. Earlier this month, Fitbit said it expected to raise as much as $478 million by selling 29.9 million shares for between $14 and $16 each.

It plans to use proceeds for working capital and other general corporate purposes.

Companies typically increase the price of shares before an IPO when there's higher demand for the shares than expected. Fitbit's stock is expected to list on the New York Stock Exchange under the symbol "FIT." The company did not say when it expects to begin trading, but it's expected to debut this week.

Founded in 2007, the San Francisco company makes devices that can be worn on the wrist or clipped to clothing. Fitbit's devices can track daily steps, calories burned and other fitness-related data. It reported revenue of $745.4 million last year, nearly tripling from the year before. It was profitable for the first time in 2014, earning $38.5 million.