Investing.com -- Fit Bit, Inc., a San Francisco-based manufacturer of wireless-enabled wearable devices known as activity trackers, sent filings with the SEC on Thursday to declare its intention to become a publicly traded company.
Fit Bit, whose number of paid active users soared from 600,000 in 2012 to 9.5 million in the first quarter of 2015, is seeking to raise up to $100 million, according to SEC filings.
The fitness tracking company is coming off a stellar quarter when it sold 3.9 million devices for the three-month period that ended on March 31, up from 1.6 million during the same period in 2014. Last year, Fit Bit posted revenue of $745.4 million for fiscal year 2014, nearly tripling its revenue from the previous year. The company also posted a yearly net income (131.8 million) for the first time in four years, up from a net loss of 51.6 million the previous year.
"Our success depends on our ability to anticipate and satisfy consumer preferences in a timely manner. All of our products are subject to changing consumer preferences that cannot be predicted with certainty," Fit Bit officials wrote in the regulatory filing. "Consumers may decide not to purchase our products and services as their preferences could shift rapidly to different types of connected health and fitness devices or away from these types of products and services altogether, and our future success depends in part on our ability to anticipate and respond to shifts in consumer preferences."
A plethora of the Fit Bit models – The One, Flex, Charge, Charge HR and Surge – measure a user's traveling distance, steps taken and number of calories burned during a given workout. The Surge, which is sold for an average retail price of $249.99, boasts eight sensors, with a GPS and a heart monitor.
The deal is expected to be underwritten by Morgan Stanley (NYSE:MS), Bank of America Merrill Lynch (NYSE:BAC), Deutsche Bank (XETRA:DBKGn) Securities and Barclays (LONDON:BARC) among others, Fit Bit said in the filing.