Fitbit is looking to raise up to $358 million from its initial public offering, the company revealed in newly-filed documents.

In its documentation it said that with shares priced at the mid-point of its range, and deducting costs related to the transaction, it expects its net proceeds to be $310.8 million.

The cash will be used to support its business, including the potential to make acquisitions, although it highlighted that it has “no specific plans” for the use of the funds.

In total, shares worth up to $550 million will be sold, but a portion of these will come from existing shareholders – meaning it will not receive any proceeds from this part of the transaction.

The listing will give the company a valuation of around $3 billion.

Fitbit’s IPO documentation previously revealed that the company is seeing strong momentum, with more than half of the devices it has sold since its inception in 2007 finding buyers in 2014.

It has also seen increases in revenue and profitability.

But some of the shine has been taken off the company by a lawsuit from rival Jawbone, which accused it of trying to “steal talent, trade secrets and intellectual property” from its closest rival.