Wednesday, June 3, 2015

Foundry Backed Fitbit Nears IPO

Fitness tracking band maker Fitbit is edging closer to an IPO, saying on Tuesday that it now expects its IPO to price at between $14.00 and $16.00 per share--in what might be one of the biggest exits to come out of Boulder's Foundry Group this year. Foundry, an early believer in the "wearables" market, has been an investor in Fitbit since at least 2010, when it led the first round for Fitbit and its wearable fitness trackers. Foundry now owns 28.9 percent of Fitbit, ahead of Fitbit's IPO. That IPO at around $15.00 per share would value Fitbit at around $3.7 billion, giving Foundry a stake worth a cool $1.07 billion.