Fitbit, a leading brand in the smart wearable devices business, filed for an initial public offering late last week in New York. The company reported revenues of $745 million in 2014, delightfully shocking potential investors. The request for IPO also states that Fitbit has a 62% market share of the wearables market.

The Fitbit devices allows wearers to track a variety of personal metrics, including quality of sleep, number of steps walked, and more. The company was founded in 2007, and has been growing rapidly despite the heavy competition with the world’s largest tech giants.

Fitbit executives admit that, looking into the future, there are a variety of other players the company will need to compete with, including Samsung, Apple, Google, Microsoft, and LG.

The company’s press release stated: “We believe many of our competitors and potential competitors have significant competitive advantages, including longer operating histories, ability to leverage their sales efforts and marketing expenditures across a broader portfolio of products and services, larger and broader customer bases, more established relationships with a larger number of suppliers, contract manufacturers, and channel partners, greater brand recognition, ability to leverage app stores which they may operate, and greater financial, research and development, marketing, distribution, and other resources than we do.”

Despite the competition, annual revenue has grown, proving that sometimes even the underdogs can make it in the big leagues. Fitbit’s leadership hopes that, with the help of a successful IPO, optimistic traders could give Fitbit the ability to take its efforts to the next level.