Fitbit, the company that makes wearable fitness trackers, plans to IPO in 2015, Serena Saitto and Leslie Picker of Bloomberg report.
The company will reportedly have Morgan Stanley lead the offering, which could raise about $150 million, according to Bloomberg's sources.
Since it was founded in 2007, Fitbit has raised $66 million total, most recently through a $43 Series D round in August 2013. The company was valued at more than $300 million last year, according to TechCrunch. Its latest product is the Fitbit Charge, a $129 device, and the predecessor to the Fitbit Force, which it had to recall in February because wearers reported cases of skin rashes after wearing it.
The wearables market has been growing over the last several years, but sales of fitness bands, like the Fitbit, actually haven't been that high overall. In May 2014, the NPD Group reported that only 3.3 million fitness bands had been sold in the US between April 2013 and March 2014.
One of the fears with wearable fitness trackers is that they'll be made obsolete once a good smartwatch enters the market, since smartwatches can potentially have the same functions, plus additional uses. BI Intelligence expects that global shipments of fitness bands will reach 30 million by 2019, for a 20% share of the wearables market, down 36% from this year.
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