Fitbit looks to raise at least US$358 million in IPO

Fitbit added 2.8 million active paying users in the first three months of the year, according to a regulatory filing

Fitbit Surge.

Fitbit Surge.

Fitbit, whose wearable devices collect data on users' fitness activities and sleeping patterns, plans on pricing its initial public offering at US$14 to $16 a share, raising up to $358 million if its stock sells on the high end of the range.

The company plans to sell 22.4 million shares and its existing shareholders expect to sell 7.5 million shares, according to an updated filing it made with the U.S. Securities and Exchange Commission on Tuesday.

Fitbit, however, won't receive capital from the sale of the stock held by its existing investors, the filing said.

The San Francisco company publicly announced its plan to go public in May.

According to the updated filing, Fitbit appears to be a healthy company. As of March 31, the company has sold more than 20.8 million devices since it was founded in 2007. The company more than doubled the number of devices it sold in the first three months of 2015 compared to the year-ago period. The company sold 3.9 million devices through March 31, compared to 1.6 million devices in the first three months of 2014.

For the three months ending March 31, Fitbit's revenue totaled $336.8 million. That's up from $108.8 million compared to the year-ago period. Profit during that time soared, increasing to $48 million from $8.9 million.

Meanwhile, Fitbit appears to be quickly growing its number of paid active users, with 2.8 million people signing up for services in the first three months of 2015. As of March 31, the company had 9.5 million active users compared to the 6.7 million active users it had at the end of 2014.

Fitbit sells a range of wearable devices that track a person's physical activity and offer analytics on this data in mobile apps and an online dashboard. Other Fitbit products include a Wi-Fi-equipped scale and a tracker

The wearable device market is becoming increasingly competitive, with Fitbit's devices facing off against smartwatches from tech heavyweights like Apple and Samsung as well as fitness trackers from companies like Garmin and Jawbone.

Fred O'Connor writes about IT careers and health IT for The IDG News Service. Follow Fred on Twitter at @fredjoconnor. Fred's e-mail address is fred_o'connor@idg.com

Join the PC World newsletter!

Error: Please check your email address.

Tags consumer electronicsFitbit

Our Back to Business guide highlights the best products for you to boost your productivity at home, on the road, at the office, or in the classroom.

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Fred O'Connor

IDG News Service
Show Comments

Essentials

Microsoft L5V-00027 Sculpt Ergonomic Keyboard Desktop

Learn more >

Lexar® JumpDrive® S57 USB 3.0 flash drive

Learn more >

Mobile

Lexar® JumpDrive® S45 USB 3.0 flash drive 

Learn more >

Exec

HD Pan/Tilt Wi-Fi Camera with Night Vision NC450

Learn more >

Lexar® Professional 1800x microSDHC™/microSDXC™ UHS-II cards 

Learn more >

Lexar® JumpDrive® C20c USB Type-C flash drive 

Learn more >

Audio-Technica ATH-ANC70 Noise Cancelling Headphones

Learn more >

Budget

Back To Business Guide

Click for more ›

Most Popular Reviews

Latest News Articles

Resources

PCW Evaluation Team

Azadeh Williams

HP OfficeJet Pro 8730

A smarter way to print for busy small business owners, combining speedy printing with scanning and copying, making it easier to produce high quality documents and images at a touch of a button.

Andrew Grant

HP OfficeJet Pro 8730

I've had a multifunction printer in the office going on 10 years now. It was a neat bit of kit back in the day -- print, copy, scan, fax -- when printing over WiFi felt a bit like magic. It’s seen better days though and an upgrade’s well overdue. This HP OfficeJet Pro 8730 looks like it ticks all the same boxes: print, copy, scan, and fax. (Really? Does anyone fax anything any more? I guess it's good to know the facility’s there, just in case.) Printing over WiFi is more-or- less standard these days.

Ed Dawson

HP OfficeJet Pro 8730

As a freelance writer who is always on the go, I like my technology to be both efficient and effective so I can do my job well. The HP OfficeJet Pro 8730 Inkjet Printer ticks all the boxes in terms of form factor, performance and user interface.

Michael Hargreaves

Windows 10 for Business / Dell XPS 13

I’d happily recommend this touchscreen laptop and Windows 10 as a great way to get serious work done at a desk or on the road.

Aysha Strobbe

Windows 10 / HP Spectre x360

Ultimately, I think the Windows 10 environment is excellent for me as it caters for so many different uses. The inclusion of the Xbox app is also great for when you need some downtime too!

Mark Escubio

Windows 10 / Lenovo Yoga 910

For me, the Xbox Play Anywhere is a great new feature as it allows you to play your current Xbox games with higher resolutions and better graphics without forking out extra cash for another copy. Although available titles are still scarce, but I’m sure it will grow in time.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?