Technology law firm Fitbit is benefiting from the swiftly broadening market for connected fitness by launching its company on the New York Stock Exchange, it revealed on Thursday night.
Planning to offer shares worth approximately $100m (£64m), the San Francisco-based health and fitness band maker will certainly provide its shares on the New York Stock Exchange under the icon “FIT”.
Fitbit was founded in 2007 by James Park, its chief executive, as well as his company companion Eric Friedman.
It claims to have pioneered the connected health and wellness market along with being the leader in the United States health and fitness tracker market, with a 68 % share, according to numbers from the NPD Group.
The company marketed 10.9 m tools in 2013 and stated profits of $745.4 m in 2014– virtually three times the total amount for the previous year. For the initial quarter of 2015, profits greater than trebled to $336.8 m.
Fitbit’s entry-level Zip tracker costs $59.95, or £39.99 in the UK, while at the various other end of the wide range its Surge “extremely watch” prices $249.95, or £199.99.
Net profit can be found in at $131.8 m for 2014 and $48m for the very first quarter.
The business, which has made significant invasions right into the business wellness market, stated it has 9.5 m energetic paid customers as of 31 March.
IBISWorld approximated that the United States company health industry will deserve $10.4 bn in 2018, up from $7.4 bn work year.
Fitbit’s strategy for development is based on continuouslying present ingenious items with brand-new attributes and also services, in addition to making more inroads right into the business wellness market.
In its filing, the company recognized that it operated in a “highly affordable market” and mentions the Apple Watch as one possible risk, along with products from competitors including Garmin, Jawbone and also Misfit.
The business valued itself at concerning $1.2 bn in March, baseding on the Wall Street Journal.
It has elevated greater than $80m from financiers, consisting of venture resources company Factory Group, which is the biggest stakeholder in Fitbit with a 28.9 % stake.