Wearable technology brand Fitbit has reportedly been valued at $4.1bn following an initial public offering which has raised $732m for the fitness aid.

Investor demand for the company saw Fitbit raise its share price to $20 having originally priced the shares at $14 and later bumping them up to $16.

This cash will be used to fund further research and development as well as acquisitions as the firm seeks to position itself as a market leader in the crowded field, recently shaken up by the arrival of the Apple Watch.

Fitbit recorded a profit of $131.8m in 2014, turning round four years of straight losses, on the back of a 175 per cent increase in revenues to $745.4m. That performance looks set to continue into 2015 with net income of $48m recorded over the first quarter, up from just $8.9m over the same period last year.

Fitbit will begin trading on the New York Stock Exchange today.