Fitbit just filed to raise up to $100 million in a public offering, according to a recent SEC filing, and the filing reveals that the company is growing fast and profitable.

It will trade on the New York Stock Exchange under the ticker FIT. 

The filing comes months after Bloomberg's Leslie Picker reported that Fitbit would IPO this year.  

The company reported net profit of $132 million from operations, on revenue of $745 million, last year. But if you include stock-based compensation and other adjustments, net income was $38.5 million.

That revenue figure is more than double the 2013 figure of $271 million; it lost $52 million that year. In 2012, it had $76 million in revenue and lost $4 million.

Fitbit is going with the dual-class share structure used by Facebook, Google, and some other tech companies. This means that founders and other privileged early investors have more voting rights for their stock than the folks coming in through the IPO, which allows them to retain control of the company.

In this case, the main preferred shareholders are investors Foundry, which has 28.9% of the higher-voting Class B shares, True Ventures (specifically board member Jon Callaghan), which has 22.4%, and cofounders Eric Friedman and James Park, who have 10.9% each. Another investor, Softbank, also has 5.6%.

Some shareholders have objected to this structure at Facebook recently, but there's not much they can do about it unless they convince the founders of the errors of their ways. Buyers of Fitbit stock should know they're getting into the same kind of situation, and should have a lot of trust in the company's founders.

The IPO is being underwritten by Morgan Stanley, Deutsche Bank, BofA Merrill Lynch, and several smaller participants.

You can check out all the details in the S-1 here.

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