Fitbit Files For IPO

Fitbit has announced plans to raise around $100 million from an initial public offering (IPO) on the New York Stock Exchange, though it has not indicated how many shares it plans to sell, nor a price range.

The company is estimated to hold between a half and two-thirds of the fitness tracking technology industry and last year generated sales of $745.4 million and sold 10.9 million devices. Fitbit also doubled its R&D spend last year to $54 million, in a bid to fight off competition.

Fitbit’s venture backers, Foundry Group, True Ventures and SoftBank Capital, are likely to benefit from the IPO, which is being led by Morgan Stanley, Deutsche Bank and Bank of America Merrill Lynch.