FitBit files for an IPO
FitBit is going public.
The wearable technology company has filed for an IPO and will be publicly traded under the “FIT” name, reports MarketWatch.
According to a regulatory filing, the San Francisco-based company plans to offer up to $100 million in common stock; however, that amount is likely a placeholder and subject to change. (MarketWatch)
FitBit has been doing well since it’s inception in 2007: “Its sales and user base has more than doubled each year for three years straight. FitBit sold 11 million devices last year, raking in $745 million in revenue,” reports CNN Money. FitBit has sold 21 million trackers total. All 7 of FitBit’s devices are on sale in 45,000 retail locations and online in more than 50 countries. There are 9.5 million active users to date as of March 31, according to Mashable.
Here’s more on their revenue from Mashable:
The company reported revenue of $745.4 million and turned a profit of $137.7 million in 2014, bucking the trend of technology companies going public while unprofitable. Its revenue nearly tripled from $271 million a year prior and far surpassed the $51.6 million net loss it had in 2013.