NEW YORK (TheStreet) -- Fitness technology provider Fitbit just filed to go public on the New York Stock Exchange, as competition in the wearable technology space heats up in the wake of the release of the Apple (AAPL) Watch.
San Francisco-based Fitbit, led by CEO James Park, plans to list shares under the ticker FIT. Its offering is aimed at raising as much as $100 million, according to a government filing, but that's likely a placeholder number until the proposed size of the offering and pricing are determined.
The company lists several underwriters for the upcoming offering, including Morgan Stanley (MS), Deutsche Bank (DB), Bank of Amercia/Merrill Lynch (BAC), Barclays (BCS), Piper Jaffray (PJC), SunTrust Robinson Humphrey (STI), Raymond James (RJF), Stifel (SF), and William Blair.
Here are five things to know about a Fitbit IPO.
Fitbit is clearly profitable.
Most tech companies go public prior to profitability, but Fitbit isn't one of them. In 2014, the company ended the year with $745.4 million in revenue, generating net income of $131.8 million with adjusted EBITDA of $191 million. That's a significant improvement over 2013, when it earned $79 million on $271.1 million in revenue.
In the first three months of 2015, Fitbit said it generated $336.8 million in revenue, with net income of $48 million and adjusted EBITDA of $93.4 million.
The devices are really selling well.
Device sales are really ramping up, having surpassed 10 million in 2014.
The company recently launched a number of new fitness trackers, including the Fitbit Charge, Fitbit Charge HR and the Fitbit Surge.
(See TheStreet's review of the Fitbit Charge right here.)
In total, the company has seven devices -- Fitbit Zip, Fitbit One, Fitbit Flex, Fitbit Charge, Fitbit Charge HR, Fitbit Surge and Fitbit Aria, a "Wi-Fi connected scale that tracks weight, body fat percentage, and BMI. Fitbit Aria has a U.S. MSRP of $129.95."