Fitbit files for $100 million IPO, warns of Apple Watch competition

Apple Store Fitbit product display from 2014.

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.

As part of its filing with the U.S. Securities and Exchange Commission, the company was also required to disclose potential threats to its business. Among those specifically cited was 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's most direct competitor to the Apple Watch is the Surge, a so-called "super watch" that focuses on health and fitness functions. While it isn't as functional as a full-fledged smartwatch, the device does include integrated GPS for outdoor activity tracking.

As part of the SEC filing, Fitbit revealed that it earned net income of $131.8 million in 2014, which was up from a loss of $51.6 million in 2013.