Fitbit plans to raise up to $358 million in its initial public offering, according to a U.S. Securities and Exchange Commission filing made Tuesday.
The wearable fitness tracking device company said it is looking to sell 22.4 million shares for between $14 to $16 a share, and is planning to trade on the New York Stock Exchange under ticker symbol FIT.
Last month, the San Francisco-based company disclosed in regulatory filings that it achieved a $48.0 million profit in the three months ended March 31, 2015, almost five times greater than the same time period a year ago.
The company saw $336.8 million in revenue during the three months ended March 31, more than tripling its revenue during the same time frame in 2014.
During fiscal 2014, Fitbit made a $131.8 million profit on $745.4 million in revenue. Fitbit's net income had landed in the red the previous four years.
Since 2007, Fitbit has sold roughly 20.5 million of its fitness-tracking devices, with 10.9 million devices sold last year alone. Fitbit's products, which count the number of daily steps and also monitor distance traveled and calories burned, seized the attention of data-obsessed modern consumers and paved the way for a new category of hardware technology.
Taking into consideration the 7.5 million shares some stockholders plan to sell, the offering is valued at about $448 million at the midpoint of the range.
Fitbit filed to go public last month in a move the company hopes will help stave off growing competition from larger companies looking to muscle their way into the growing market.
According to International Data Corp., the market for wearable devices will reach 126.1 million units shipped in 2019, representing a $27.9 billion worldwide revenue opportunity.