Fitbit, which offers wearable fitness sensors that track daily activities, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $400 million or more.
The last consumer electronics company to go public, GoPro (GRPO), raised $427 million in June 2014 and trades 106% above its offer price.
The San Francisco, CA-based company, which was founded in 2007 and booked $973 million in sales for the 12 months ended March 31, 2015, plans to list on the NYSE under the symbol FIT. Fitbit initially filed confidentially on March 3, 2015. Morgan Stanley, Deutsche Bank and BofA Merrill Lynch are the joint bookrunners on the deal. No pricing terms were disclosed.
