Wristband maker Fitbit in talks with banks for IPO

Fitness tracking wristband maker Fitbit is in talks with banks for its initial public offering in the United States, Bloomberg reported, citing people familiar with the matter. -- PHOTO: FITBIT
Fitness tracking wristband maker Fitbit is in talks with banks for its initial public offering in the United States, Bloomberg reported, citing people familiar with the matter. -- PHOTO: FITBIT

(REUTERS) - Fitness tracking wristband maker Fitbit is in talks with banks for its initial public offering in the United States, Bloomberg reported, citing people familiar with the matter.

Morgan Stanley will be leading the IPO, which is targeted for 2015, Bloomberg said, adding that the decision was taken after the company decided not to raise financing through private placement.

The IPO could raise up to $150 million (S$197 million), Bloomberg quoted a person as saying.

San Francisco-based Fitbit was founded in 2007 and its backers include the venture capital firms Foundry Group and True Ventures.

Neither Fitbit nor Morgan Stanley were available for comment outside of business hours.