Fitbit Files for $100M IPO

May 7, 2015

6:24 pm

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.

 

Did you like this article?

Get more delivered to your inbox just like it!

Sorry about that. Try these articles instead!

Ronald Barba was the previous managing editor of Tech.Co. His primary story interests include industry trends, consumer-facing apps/products, the startup lifestyle, business ethics, diversity in tech, and what-is-this-bullsh*t things. Aside from writing about startups and entrepreneurship, Ronald is interested in 'Doctor Who', Murakami, 'The Mindy Project', and fried chicken. He is currently based in New York because he mistakenly studied philosophy in college and is now a "writer". Tweet @RonaldPBarba.

Leave a Reply

  • (will not be published)
Startup_Mixology_300x250
Startup_Mixology_300x250