Fitbit, the fitness tracker, has filed for an initial public offering of up to a $100 million. The company will trade on the NYSE under the ticker FIT.
Major underwriters include Morgan Stanley, Deutsche Bank and Bank of America Merrill Lynch.
Fitbit sold 10.9 million devices last year, according to its IPO filing, and another 3.9 million in the first quarter of this year.
The company had net income of $48 million for the three months ended in Mar. 31 on sales of $336.8 million. In 2014, it earned $131.8 million while nearly tripling its revenues, from $271.1 million to $745.5 million
The eight-year-old company, based in San Francisco, will be the first Silicon Valley company focused solely on wearable technology to go public and the offering comes just as Apple gets into the wearable space with the launch of the Apple Watch.
“We believe that we have been one of the drivers of the growth of the wearable devices market, and that the future growth of this market represents a significant opportunity for us,” Fitbit said in its SEC filing.
.
