Fitbit Charge, wearables

Technology company Fitbit is capitalizing on the quickly expanding market for linked health and wellness and also physical fitness by introducing its business on the New York Stock Exchange, it announced on Thursday night.

Planning to offer shares worth up to $100m (£64m), the San Francisco-based health and fitness band maker will list its shares on the New York Stock Exchange under the sign “FIT”.

Fitbit was established in 2007 by James Park, its ceo, as well as his business companion Eric Friedman.

It claims to have spearheaded the linked health and wellness market along with being the leader in the US health and fitness tracker market, with a 68 % share, baseding on numbers from the NPD Group.

The business marketed 10.9 m gadgets work year as well as stated revenues of $745.4 m in 2014– virtually 3 times the total amount for the previous year. For the very first quarter of 2015, income even more than trebled to $336.8 m.

Fitbit’s entry-level Zip tracker costs $59.95, or £39.99 in the UK, while at the other end of the variety its Surge “incredibly watch” costs $249.95, or £199.99.

Net profit can be found in at $131.8 m for 2014 and also $48m for the very first quarter.

The firm, which has actually made significant inroads right into the company wellness market, said it has 9.5 m active paid individuals as of 31 March.

IBISWorld approximated that the US business health sector will be worth $10.4 bn in 2018, up from $7.4 bn last year.

Fitbit’s strategy for growth is based upon remaining to present ingenious products with new functions and solutions, along with making more invasions into the corporate wellness market.

In its filing, the business acknowledged that it ran in a “extremely open market” and mentions the Apple Watch as one feasible threat, in addition to products from competitors including Garmin, Jawbone as well as Misfit.

The business valued itself at regarding $1.2 bn in March, baseding on the Wall surface Road Journal.

It has elevated greater than $80m from investors, including venture funding company Factory Team, which is the largest stakeholder in Fitbit with a 28.9 % stake.