May 7, 2015
The San Francisco, CA-based fitness tracking company Fitbit has filed for an initial public offering on the New York Stock Exchange.
According to a report by Bloomberg, the company disclosed an SEC filing today with a $100 million placeholder – meaning the company aims to raise that amount in its IPO (though, it could raise an amount above or below that). The company plans to list under the symbol “FIT” and is working with Morgan Stanley, Deutsche Bank AG, and Bank of America Corp. on its IPO.
In the last three years, the company sales and user base has seen double increases year-to-year, selling 10.9 million devices last year alone and bringing in $745.4 million in revenue. In 2014, Fitbit reported a net income of $131.8 million.
The Fitbit IPO will be the first in the wearable tech market. As other major companies like Apple and Google begin to move into the space, it’ll be interesting to see what the future of wearables has in store.
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