GoPro files for $100 million IPO
|GoPro Hero 3+ Black Edition|
The GoPro camera is nearly ubiquitous in the adventure sports field. Now, that company is looking to capitalize on its success by preparing to go public. The San Mateo, California-based company is looking to raise about $100M in an Initial Public Offering, a recently disclosed prospectus shows.
Growing from humble roots, GoPro brought in close to $1B in revenue in 2013 and $60M in profit, making it appear to be a safe bet for investors.
The company was originally exploring alternative funding sources, including another venture capital funding round or the sale of the company to a larger electronics firm.
Launched more than a decade ago by CEO Nicholas Woodman, GoPro has gained a reputation for making a bomb-proof camera that’s a hit with adventure sport participants and adrenaline junkies alike. Videos shot on the most recent HD version of the GoPro abound on YouTube and feature everything from African lions to jumps from space.
GoPro says it plans to use funds from an IPO for working capital, repaying debt, and new business and technology investments. The filing also shows GoPro plans to trade on the Nasdaq Stock Market under the ticker symbol GPRO.