Fitbit Inc. shares soared in their stock-market debut.

The stock opened at $30.40, 52% above its initial public offering price of $20. The shares, listed on the New York Stock Exchange under the symbol "FIT," recently traded at $31.40, up 57% from its IPO price.

The sharp rise came even after the maker of wearable fitness-tracking devices priced its initial public offering above already raised expectations. The opening trading performance illustrates how there is still demand for U.S. IPOs even after a tepid start to the year.

Fitbit's IPO raised about $732 million for the company and some of its shareholders by selling 36.6 million shares, and gave the San Francisco-based company a valuation of about $4.1 billion. It marks the third-largest U.S. IPO in 2015, according to deal tracker Dealogic.

That total doesn't count a so-called overallotment option, which gives underwriters the opportunity to sell additional shares under certain circumstances.

When it first filed for its IPO, Fitbit and some stockholders planned to sell 29.9 million shares, according to a regulatory filing, but the price and share count were raised following strong demand from fund managers and analysts. In its final pre-IPO regulatory filing, the plan was to sell 34.5 million shares in the range of $17 and $19.

The deal was led by Morgan Stanley, Deutsche Bank and Bank of America Corp.

Write to Corrie Driebusch at corrie.driebusch@wsj.com

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