Fitness tracking device maker Fitbit on Thursday announced it is preparing for an initial public offering aimed at raising at least $100 million. The company specifically cited the Apple Watch as a “potential threat” in its filing.
Fitbit plans to trade on the New York Stock Exchange under the symbol “FIT.” The company has sold nearly 21 million devices to date, with more than half of those last year alone, showing the recent explosion in fitness tracking devices.
A requirement of filing with the U.S. Securities and Exchange Commission is to disclose potential threats to a business. Fitbit listed the Apple Watch.
“Apple has recently introduced the Apple Watch smartwatch, with broad-based functionalities, including some health and fitness tracking capabilities,” the filing reads. “We also compete with a wide range of stand-alone health and fitness-related mobile apps that can be purchased or downloaded through mobile app stores.”
Fitbit fitness trackers were at one time available from Apple’s retail stores and online store, but were removed from the stores in the lead up to the debut of Apple’s own Apple Watch wearable device.
In its filing, Fitbit revealed that its 2014 earned income amounted to $131.8 million in 2014, up from a loss of $51.6 million in 2013.