Fitbit looking to raise more than $350 million in IPO

Fitbit Inc., a maker of wearable activity tracking devices, is looking to raise up to $358 million in an initial public offering, according to a regulatory filing made Tuesday.

The San Francisco-based company plans to sell more than 22 million Class A shares for $14 to $16 apiece, with some existing stockholders planning to sell an additional 7.5 million shares. On the higher end, this would value the company at $3.3 billion.

The company faces stiff competition in the wearables market, with Jawbone, Apple and Samsung offering activity trackers similar to Fitbit’s range. The company didn’t detail specific plans for the proceeds, but said it could use some of the funds to strengthen its position in the market via research and development, acquisitions and marketing.

According to its prospectus, Fitbit is already profitable with $745 million in revenue last year and more than $100 million in profit. Since 2007, the company has sold about 20.5 million of its fitness tracking devices, which range from $59.95 to $249, and are sold in more than 45,000 retail stores.

Fitbit and similar activity trackers gained popularity in recent years for the ability to count steps, monitor calories burned and track time spent sleeping, appealing to health-conscious and data-obsessed consumers.

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