With a net income of US$132m on revenues of US$742m, wearables player Fitbit is to pursue an IPO in which it hopes to raise US$100m.
The San Francisco company plans to trade under the NYSE ticker FIT and is working with Morgan Stanley Deutsche Bank and Bank of America Merrill Lynch to make it happen.
The company yesterday filed for an IPO and expects to raise a minimum of US$100m.
The company demonstrated that its US$132m profit on 2014 revenues of US$745m is a significant leap from a year earlier, when it reported losses of US$52m on revenues of US$271m.
In 2012 Fitbit made a loss of US$4m on revenues of US$76m.
The wearable device maker reported that it sold 10.9m devices last year and claimed a stake of more than half of last year’s fitness-band market.
The company was founded by James Park and Eric Friedman and has so far raised US$80m in venture capital from investors that include the Foundry Group, True Ventures, SoftBank Capital, Sapphire Ventures Qualcomm Ventures and Felicis Ventures.
Fitbit image via Shutterstock