Fitbit Inc is in talks with banks for its initial public offering in the United States, according to a report by Bloomberg. Sources told Bloomberg that Morgan Stanley would lead the IPO and the offering could raise up to $150 million.
San Francisco-based Fitbit was founded in 2007 and its backers include the venture capital firms Foundry Group and True Ventures. Fitbit and Morgan Stanley have not responded to the report.
A Fitbit IPO would be among the first for the active wearable-technology market. The number of fitness trackers is projected to more than triple to more than 70 million devices by 2018, according to a report last month from Juniper Research.
It would also follow the highly-successful IPO of GoPro. In the largest initial public offering of a consumer electronics company
in two decades, GoPro raised more than $400 million in going public in
June. Shares were priced in the offering at $24 each and soared as high
as $98.47 by October before settling back to close at around $70 currently. The 10-year-old company is currently valued at about $9 billion.
Neither Fitbit nor Morgan Stanley were available for comment outside of business hours.
