San Francisco based Fitbit files for $100 million IPO
05/08/2015 // JusticeNewsFlash // (press release)
San Francisco – Fitness tracking device maker Fitbit has filed for a $100 million IPO. FORTUNE reports that the San Francisco based company will trade on the New York Stock Exchange using the ticket symbol FIT with Morgan Stanley, Deutsche Bank and BofA Merrill Lynch acting as lead bankers.
In 2014, Fitbit revenue was reportedly $745 million, with net income being approximately $132 million. In the previous year, the company experienced a $52 million net loss. The significant increase has in part been attributed to a major boost in international sales.
Last year, Fitbit sold an estimated 10.9 million devices, accounting for over 50 percent of the market for fitness bands.
According to the FORTUNE report, more than $80 million has been raised by the company in venture capital funding since it was founded in 2007.
Fitbit was founded by James Park (CEO) and Eric Friedman (CTO), whose compensation last year is estimated to have been the equivalent of $7.8 million.