Fitbit, Maker of Wearable Fitness-Tracking Devices, Files for $100M IPO

NEW YORK (AP) -

Fitbit, the maker of a popular line of wearable fitness-tracking devices, on Thursday filed for an initial public offering worth up to $100 million.

Fitbit’s watch-sized devices can track how many steps a wearer takes and estimate how many calories they are burning, how far they’ve traveled and how long they’ve been active. More-advanced devices can track sleep duration and quality, heart rate and running speed, and they can be synced with smartphone apps.

The San Francisco company’s basic Zip activity tracker costs $59.95, while its Surge “super watch” costs $249.95. Fitbit also makes a wi-fi-enabled scale that records data like body fat in addition to weight.

In its filing with regulators, Fitbit listed among its competitors Apple Inc., which recently launched the much-ballyhooed Apple Watch that includes health- and fitness-tracking capabilities. They start at $349.

Fitbit says it has sold almost 21 million devices since 2011, but more than half of those sales were made in 2014. The company reported $745.4 million in revenue in 2014, almost triple its total of a year earlier, and that pace has continued in 2015: In the first quarter, Fitbit’s revenue more than tripled, to $336.8 million from $108.8 million a year ago.

The company reported a profit of $131.8 million in 2014 and $48 million in the first quarter of 2015.

Fitbit Inc. intends to list its shares on the New York Stock Exchange under the ticker symbol “FIT.”