Fitbit Inc.'s Fitbit Flex wireless activity and sleep wristband sit on display at the Wearable Expo in Tokyo, Japan, on Wednesday, Jan. 14, 2015.Kiyoshi Ota—Bloomberg/Getty Images
Fitbit plans an initial public offering of 22.4 million shares, raising an additional $358 million in financing, the wearable tech company disclosed in a regulatory filling on Tuesday.
If everything goes to plan, the IPO would be valued at about $448 million, according to a filing first spotted by the Wall Street Journal. The company will be traded on the NYSE as “FIT.”
How Fitbit would spend the money, however, remains an open question. The company says the funds could be used to accelerate research and development or ramp up acquisitions, but no firm plans have been set.
The decision come amid a surge of demand for wearable fitness trackers. Of the 20.5 million devices Fitbit has sold since 2007, more than half were purchased in the last year alone. Fitbit is also seeing much larger tech from Apple to Microsoft enter the fitness tracker and wearable device space recently.
11 Amazing Features of the Apple Watch
The Apple Watch is the company's' first entirely new product category since the original iPad. It's a huge gamble for Apple and a test of the still-nascent wearable market.Stephen Lam—Reuters/CorbisThe Watch is the most customizable and varied product Apple has likely ever launched. It'll come in three editions made of different metals and be available with multiple snap-in wrist bands. Prices start at $349.Justin Sullivan—Getty ImagesThe Watch has a touch interface that can sense the difference between a light touch and hard press. But it also has a "digital crown" that allows users to quickly scroll through lists without obscuring the screen.Justin Sullivan—Getty ImagesThe Watch must be paired with an iPhone for many of its functions. The device piggybacks on the phone's data and GPS connections to pipe in directions or incoming voice calls and text messages, for instance.Stephen Lam—ReutersThe Watch, like Apple's other iDevices, will have various independent apps. Examples include a Tesla app that shows the status of your electric car when it's charging and a Starwood app that lets the Watch act as your room key.Stephen Lam—ReutersApple's fitness app, one of the device's main selling points, tracks runs, walks and bike rides.Stephen Lam—ReutersThe Watch also can track your heart rate (while resting, while active) throughout the day thanks to these light sensors on the back.Koichi Mitsui—AFLO/CorbisIt also has Apple Pay, the company's digital payments platform. Swipe the Watch in front of a compatible kiosk and it will make an automatic online payment.Justin Sullivan—Getty ImagesCEO Tim Cook has said the Watch will last about a day before it needs to be recharged. So far, battery life has been the biggest downside of most wearables. The Watch recharges through the magnetic system shown here.Justin Sullivan—Getty ImagesThe Watch will come with many customizable bands that slip on and click in place at the top and bottom of the device's body.Justin Sullivan—Getty ImagesIt also comes in two sizes, 38mm and 42mm, to fit on different size wrists.Monica Davey—EPAHigher-end models of the watch could cost several thousands of dollars.Stephen Lam—ReutersApple is significantly expanding it's product reach.Justin Sullivan—Getty ImagesAnd there's one more thing...David Paul Morris—Bloomberg/Getty ImagesIt tells the time.Marcio Jose Sanchez—AP
