GoPro Reveals IPO Filing

By TechnologyFOXBusiness

GoPro, the maker of action cameras, has revealed its IPO filing. The company plans to list on Nasdaq under the symbol “GPRO.”

The San Mateo, Calif.-based GoPro says it plans to raise approximately $100 million. J.P. Morgan, Citigroup and Barclays will be co-managing the offering.

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The company has seen strong growth in recent years,  reporting revenue of $986 million last year, up from $526 million in 2012 and $234 million in 2011. Profits for 2013 were $61 million, compared to $32 million in 2012 and $25 million in 2011.

Since their first HD camera debuted in July 2009, the company has sold 8.5 million -- 3.8 million HD cameras were sold in 2013 alone for about $200-$400 each.

Although GoPro has succeeded in the business of wearable action cameras, it’s unclear whether new entrants to the space will negatively impact their business. Google Glass and other smart glasses may provide competition for GoPro.

Top stakeholders include GoPro founder Nicholas Woodman and his wife Jill Woodman, who own a 49% stake in the company. RW Camera holdings owns 16% and Foxteq Holdings owns 10%. Nicholas Woodman’s father, Dean Woodman, also owns a 6% stake.

At 38 years old, Nicholas Woodman is amongst the world’s youngest billionaires. Forbes estimates his net worth to be $1.2 billion.

GoPro also won four Webby Awards on Monday, honoring digital innovation. The company was rewarded for “Best Use of Video” and “Best Photography & Graphics.”