The wearable fitness device company is counting on investor enthusiasm for its step-tracking tech to help it raise $100 million.
Fitbit is on track to be the first wearable tech-focused company to go public.
In a filing Thursday with the Securities and Exchange Commission, the 8-year-old startup — a leading maker of fitness- and health-tracking gadgets based in San Francisco — is seeking to raise $100 million in common stock on the New York Stock Exchange. The lead underwriters are Morgan Stanley, Deutsche Bank and Bank of America Merrill Lynch.
Wearable technology has hit a critical mass of mainstream attention this year with the launch of theApple Watch and the trajectory of the burgeoning industry has investors and entrepreneurs paying close attention. Nearly every traditional technology company — from Intel and Microsoft to Samsung and LG — has a device for sale or a hand in the market. Not only has the area attracted the interest of tech titans, but it’s been a hotbed for rising startups like Fitbit and competitors Jawbone and Pebble, as well as an area of interest from an expansive set of traditional apparel and jewelry companies like watchmaker Fossil, fashion house Open Ceremony and clothing company Under Amour.
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