Digital

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

Jun 11, 2014 9:06 am

Skift Take

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

— Jason Clampet

Free Report: The Changing Business of Extended-Stay Hotels

GoPro  / Facebook

Rush Sturges charging at the GoPro Mountain Games. GoPro / Facebook


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.

Tags: ,

Next Up

More on Skift

Courtyard by Marriott Lures Millennials with Wine, Dance and … Dogsleds?
Daily Travel Startup Watch: Everest, CityNTown and More
Hertz Shows the Future of GPS Navigation With its New Tour App
Free Webinar: How To Effectively Personalize Marketing Across Travel Sectors