GoPro Inc.’s cameras are made to withstand filming in waves, wind and snow. Now, the company is set to brave investors after publicly filing for an initial offering.
The company disclosed its prospectus today with a $100 million placeholder, a figure used to calculate fees that will change. GoPro, based in San Mateo, California, tapped JPMorgan Chase & Co., Citigroup Inc. and Barclays Plc to manage the initial public offering, according to the regulatory filing. GoPro plans to use the proceeds from the IPO for general corporate purposes and to repay debt.
GoPro’s cameras let action-sports enthusiasts from surfers to skiers to sky divers take professional-quality videos, many of which get posted on YouTube. GoPro’s revenue jumped 87 percent last year to $985.7 million. While most of that was derived through cameras and accessories, GoPro plans to position itself as a media company, today’s filing shows.
The maker of mountable and wearable cameras originally filed confidentially under the Jumpstart Our Business Startups Act. By disclosing its prospectus, GoPro must wait at least 21 days before starting its roadshow, or official marketing process with investors, in compliance with that legislation.
In recent years, GoPro cameras have expanded beyond the surf and sky-diving crowds and are used for a variety of everyday and specialty applications. Fire departments use them for training, marine biologists use them for undersea research, and the U.S. Army uses them in tests of the damage to Humvees from roadside bombs.
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, Sageview Capital Partners LP and Foxconn Technology Co.
Existing shareholders yet to be identified also will offer shares, the filing indicates. GoPro has applied to list its stock on the Nasdaq Stock Market under the symbol GPRO.
To contact the reporters on this story: Leslie Picker in New York at [email protected]; Peter Burrows in San Francisco at [email protected] To contact the editors responsible for this story: Mohammed Hadi at [email protected]