Fitbit has filed a price range of $14 to $16 per share for its initial public offering, which would give the maker of wearable fitness tracking devices a market capitalization of $3.1 billion at the midpoint of the price range. The company will be selling 22.4 million shares and current shareholders are offering 7.5 million shares, with an overallotment of 4.5 million shares. Fitbit could raise up to $358.4 million from its sale of shares in the offering, but the filing indicates it will not receive any proceeds from the sale of the existing investors' shares. Fitbit says it wants to make significant investments to develop new products and to expand the services it offers on existing products, while marketing spend will remain a priority and wider international distribution remains a major opportunity. The group's founders, chief executive James Park and chief technology officer Eric Friedman, each own 10.9 percent of the company. The largest shareholders among the venture funds are the Foundry Group, True Venture and Softbank.

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