GoPro, maker of wearable cameras designed to be used by extreme sports enthusiast and
others, has filed documents with regulators of its intention to sell shares of their company. The numbers of shares they intend to sell, and their price, have not yet been disclosed.
The company did say that they hope to pay off a $111 million debt with proceeds from their IPO, and with any additional money they raise, “it may use a portion of the net proceeds to acquire or invest in complementary businesses, technologies or assets.”
Net income in 2013 was $60.6 million, almost twice what it brought in in 2012. GoPro has sold over 8.5 million HD cameras since they first launched that product in 2009.
The company intends to list on the NASDAQ using the symbol “GPRO.” JP Morgan, Citigroup and British Barclays Bank will be working on the IPO. Nicholas Woodman, founder and CEO, and his family, are the largest shareholders, with 49 percent. The company stated that Woodman was a crucial player in the future success of the company.
“The loss of Mr. Woodman could adversely affect our business, financial condition and operating results,” the company said in a statement
FoxConn, a Taiwan-based manufacturer, has a minority share in GoPro. In 2012 they purchased the company for $200 million. That deal values the camera maker at about $2.25 billion.