News Column

GoPro hopes to ride the float wave as it tries for $3bn value

June 12, 2014

NEHA DIMRI



GOPRO, a maker of wearable sports cameras and accessories, said yesterday that it expected its initial public offering to be priced at between $21 (12.50) and $24 per share, valuing the company at up to $3bn.


The California-based company's 17.8m-share IPO on the Nasdaq will raise $427.2m at the top end of the range.


GoPro is selling 8.9m Class A shares in the IPO, while the rest is being offered by selling stockholders.


The company, founded in 2004, sells its products through speciality retailers who target surf, ski and motorsports enthusiasts.


The company's products are endorsed by Olympic gold medal winning snowboarder Shaun White and 11-time world champion surfer Kelly Slater.


GoPro, whose cameras are used by the Discovery Channel and ESPN, said JP Morgan, Citigroup and Barclays were its lead underwriters for the offering.


The company reported a rise of eight per cent in revenue to $235.7m for the three months ended 31 March. Net income fell to $11m from $23m.


GoPro's founder and chief executive Nicholas Woodman and his family are the company's biggest stockholders, with a total stake of 49 per cent.


Reuters


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Source: City A.M. (UK)