Quantcast
Digital

Active Traveler Favorite GoPro Prices Its IPO at a $3 Billion Valuation

Skift Take

Nothing in recent memory has captured the experience of active and engaged travel better that the GoPro camera.

— Jason Clampet

GoPro Inc., which made about $1 billion last year selling cameras to surfers, skiers and sky divers, is seeking a market valuation as high as $3 billion in its initial public offering.

The company intends to sell 17.8 million shares for $21 to $24 apiece, according to an amended prospectus filed today. Given these terms, the San Mateo, California-based GoPro and its selling stockholders could raise as much as $427 million. GoPro intends to use the proceeds for general corporate purposes and to repay debt.

GoPro has been refocusing the business ahead of its IPO. It plans to pitch itself as a media company, distributing video content, in addition to hardware. The company has also tapped former Microsoft Corp. executive Tony Bates to become president and added him to the board.

GoPro’s revenue jumped 87 percent last year to $985.7 million, mostly derived through cameras and accessories. GoPro posted a $60.6 million profit last year, almost double what it earned in 2012, according to the filing.

Chief Executive Officer Nicholas Woodman, 38, founded the company more than a decade ago. He owns 49 percent of the voting power. Other shareholders include Riverwood Capital LLC and Sageview Capital Partners LP.

JPMorgan Chase & Co., Citigroup Inc. and Barclays Plc are managing the GoPro offering. The company intends to list on the Nasdaq Stock Market under the symbol GPRO.

To contact the reporter on this story: Leslie Picker in New York at lpicker2@bloomberg.net. To contact the editors responsible for this story: Mohammed Hadi at mhadi1@bloomberg.net.

More Stories Below ▼
St. Regis Hotels Invests in Long-Form Editorial for Its Digital Travel Magazine
The State of Travel Media 2015
Trend Report

The State of Travel Media 2015

6 Digital Trends We’re Tracking at Skift This Week
Video: How Amsterdam is Rethinking Urban User Experience to Build the City of the Future

Video: How Amsterdam is Rethinking Urban User Experience to Build the City of the Future

The Week in Digital Travel Marketing: Facebook Booking, Ad Blocking and More
The Vacation Rental Technology Ecosystem
Trend Report

The Vacation Rental Technology Ecosystem