Home
Wearables
Wearables News
Fitbit Files for $100 Million IPO on New York Stock Exchange

Fitbit Files for $100 Million IPO on New York Stock Exchange

By Agence France-Presse | Updated: 8 May 2015 12:06 IST

Click Here to Add Gadgets360 As A Trusted Source

Fitbit on Thursday filed paperwork with US regulators to go public with a stock offering on the New York Stock Exchange.

The San Francisco-based company known for wearable devices designed to promote healthy lifestyles by tracking activity gave a preliminary target of about $100 million (roughly Rs. 641 crores) for the initial public offering, but the figure will likely change by the time shares are released.

Fitbit planned to list shares under the symbol "FIT" on the New York Stock Exchange, according to a filing with the Securities and Exchange Commission.

Fitbit was a pioneer of "wearable computing," where it faces longtime rivals such as UP maker Jawbone and new competition from Apple Watch and Android-powered smartwatches.

Fitbit said it has sold more that 20.8 million of its clip-on or wrist-worn devices, and claimed to have a leading position in the US fitness-focused activity tracker market last year.

Like other fitness trackers, wearable devices equipped with sensors feed information to smartphone applications that tap into the analytic power of computers in online data centers.

Fitbit had a profit of $131.8 million last year and just shy of $48 million in the first quarter of this year, according to the filing.

Comments

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.