Betting that fitness is more than a passing trend, Fitbit is planning to leap into the public markets.
The maker of wearable health-tracking devices filed for an initial public offering Thursday, becoming the first member of its expanding field to seek a market listing.
The preliminary prospectus listed a fundraising target of $ 100 million, although that figure is a placeholder meant to calculate filing fees.
Fitbit's pursuit of a public listing reflects a wager that consumers remain interested in tracking their health through devices strapped to their bodies.
Companies including Apple, Samsung and Microsoft have introduced straps and other gadgets aimed at collecting and analyzing ever-increasing data points, including users' steps and their sleeping patterns.
Fitbit and the privately held Jawbone are among the veterans in the wearables industry.
"Over eight years ago, in early 2007, we started Fitbit with the vision that sensors, data and amazing software could transform the way people think about health and fitness," the company's founders, James Park and Eric Friedman, wrote in a letter to prospective investors.
Last year, the company earned $ 131.8 million, swinging from a nearly $ 52 million loss in the previous year. Its sales more than tripled, to $ 745.4 million.
That trend appears to show few signs of slowing in the near term.
The number of so-called fitness-wearable devices is expected to triple by 2018 to more than 70 million, according to a report by Juniper Research in November.
Consumer-electronics companies have often been met with strong investor demand when they have gone public over the past few years.
The sports video-camera maker GoPro, for instance, priced its IPO at the top of its expected range; its market value then soared. As of Thursday, that company's stock remained nearly double its debut price.
Yet broader-use wearable devices like the Apple Watch are expected to eclipse simpler fitness-oriented devices, according to Juniper Research. Fitbit acknowledged the growing competition in its prospectus, specifically mentioning Apple's device as a potential threat.
According to Thursday's filing, insiders own more than half Fitbit's stock; Park and Friedman together control about 21 percent. The largest outside shareholder is Foundry Group Funds, which owns 28.9 percent.
The prospectus does not list how much stock shareholders plan to sell.
Like many market debutantes these days, Fitbit plans to have two classes of stock. Class B shares will have 10 times the voting power of the Class A shares that will be sold in the offering. That means that insiders will maintain control of the company for the foreseeable future.
Fitbit plans to trade on the New York Stock Exchange under the ticker symbol FIT.
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