On Thursday, wearable fitness tracking company Fitbit Inc. announced it has filed for an initial public offering (IPO), according to SEC filing. The company is looking to raise $100 million and will trade on the New York Stock Exchange (NYSE) under the ticker symbol FIT. In March, the fitness tracking company valued itself at roughly $1.2 billion. Fitbit’s platform features six wearable connected health and fitness trackers that automatically track users’ daily steps, calories burned, distance traveled, floors climbed, and active minutes and display real-time feedback to encourage consumers to become more active in their daily lives.
Founded in 2007, Fitbit’s revenue has nearly tripled to $754.4 million earning a profit of $131.8 million. As of March 31, 2015, the company has sold over 20.8 million devices since inception. According to The NPD Group, Fitbit held the leading position in the U.S. fitness activity tracker market, with a 68% share, by dollars, in 2014.
According to VentureBeat, Morgan Stanley, Deutsche Bank, and Bank of America Merrill Lynch will serve as underwriters to help the company go public. The company has raised $84 million in funding to date from Qualcomm Ventures, SAP Ventures, SoftBank Capital, Foundry Group and True Ventures.
“The connected health and fitness devices market is highly competitive, with companies offering a variety of competitive products and services. We expect competition in our market to intensify in the future as new and existing competitors introduce new or enhanced products and services that are potentially more competitive than our products and services.”
“The connected health and fitness devices market has a multitude of participants, including specialized consumer electronics companies, such as Garmin, Jawbone, and Misfit, and traditional health and fitness companies, such as Adidas and Under Armour. In addition, many large, broad-based consumer electronics companies either compete in our market or adjacent markets or have announced plans to do so, including Apple, Google, LG, Microsoft, and Samsung,” the company said in a statement.
