Fitbit thinks it's finally fit for an IPO.
The wearable device maker filed paperwork with the Securities and Exchange Commission on Thursday to raise as much as $100 million in a public offering. It will trade on the New York Stock Exchange under the ticker $FIT (of course).
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.
Founded in 2007, Fitbit helped kickstart the wearable fitness market with its line of activity trackers. It has sold just more than 20 million devices to date, with 9.5 million paid active users as of March 31 of this year. But it faces an increasingly competitive environment.
Large technology companies like Apple and Google are investing in wearable devices with fitness tracking capabilities, while other products like the Nike Fuelband have largely fallen by wayside. Jawbone, another competitor, reportedly struggled to raise its most recent round of funding.
Fitbit summed up that concern well in the risk factors included with its SEC filing: