Fitbit (FIT) Boosts IPO Size, Expected Price

Fitbit, Inc. (NYSE: FIT) filed an amended registration with the U.S. SEC for an IPO of its Common Stock. The company plans to sell 34.5 million units and sees an IPO price of $17 - $19 per share, from a previously expected amount of 29.85 million shares and pricing range of $14 to $16 per share. The company plans to list on the NYSE under the ticker, "FIT."

Underwriters include Morgan Stanley, Deutsche Bank, BofA/Merrill Lynch, Barclays, Piper Jaffray, SunTrust Robinson Humphrey, Raymond James, Stifel, and William Blair.

Brief financial summary: "In 2011, 2012, 2013, and 2014, we had revenue of $14.5 million, $76.4 million, $271.1 million, and $745.4 million, respectively, net income (loss) of $(4.3) million, $(4.2) million, $(51.6) million, and $131.8 million, respectively, and adjusted EBITDA of $(4.0) million, $(2.4) million, $79.0 million, and $191.0 million, respectively. For the three months ended March 31, 2014 and 2015, we had revenue of $108.8 million and $336.8 million, respectively, net income of $8.9 million and $48.0 million, respectively, and adjusted EBITDA of $42.0 million and $93.4 million, respectively."

According to the company, "Fitbit is transforming the way millions of people around the world achieve their health and fitness goals. The Fitbit platform combines connected health and fitness devices with software and services, including an online dashboard and mobile apps, data analytics, motivational and social tools, personalized insights, and virtual coaching through customized fitness plans and interactive workouts ... The core of our platform is our family of six wearable connected health and fitness trackers."

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