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Fitbit files for £65 million IPO

Fitbit, the maker of a popular line of wearable fitness-tracking devices, has filed for an initial public offering worth up to 100 million dollars (£65m).

Its watch-sized devices can track how many steps a wearer takes and estimate how many calories they are burning, how far they have travelled, and how long they have been active.

More advanced devices can track sleep duration and quality, heart rate and running speed and they can be synced with smartphone apps.

The San Francisco company's basic Zip activity tracker costs 59.95 dollars (£39), while its Surge "super watch" costs 249.95 (£162). Fitbit also makes a wi-fi-enabled scale that records data like body fat in addition to weight.

In its filing with regulators, Fitbit listed among its competitors Apple, which recently launched the much-ballyhooed Apple Watch that includes health and fitness tracking capabilities. They start at 349 dollars (£225).

Fitbit says it has sold almost 21 million devices since 2011, but more than half of those sales were made in 2014. The company reported 745.4 million dollars (£485m) in revenue in 2014, almost triple its total a year earlier, and that pace has continued in 2015. In the first quarter Fitbit's revenue more than tripled to 336.8 million dollars (£219m) from 108.8 million dollars a year ago.

The company reported a profit of 131.8 million dollars (£85.5m) in 2014 and 48 million (£31m) in the first quarter of 2015.

Fitbit intends to list its shares on the New York Stock Exchange under the ticker symbol FIT.

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