GoPro Inc, which makes wearable sports cameras and accessories, filed with U.S. regulators on Monday to raise up to $100 million in an initial public offering of common stock.<\/p>\n
J.P. Morgan, Citigroup and Barclays are the lead underwriters of the IPO, the company told the U.S. Securities and Exchange Commission in a preliminary prospectus.<\/p>\n
GoPro, founded in 2004, sells its products through specialty retailers who target surf, ski and motorsports enthusiasts.<\/p>\n
The San Mateo, California-based company’s cameras are also used by the Discovery Channel, ESPN and other networks.<\/p>\n
GoPro’s founder and CEO Nicholas Woodman and his family are the biggest stockholders with a 49 percent stake. The company’s other prominent shareholder is Foxteq Holdings Inc, a unit of contract manufacturer Foxconn Ltd.<\/p>\n
GoPro’s revenue almost doubled to $985.7 million in 2013. The company is also profitable, earning $60.6 million, or 47 cents per share.<\/p>\n
The filing did not reveal how many shares the company planned to sell or their expected price.<\/p>\n
GoPro said it planned to use the IPO proceeds for working capital, repaying debt, and to acquire or invest in businesses, technologies or assets.<\/p>\n
The company intends to list its common stock on the Nasdaq under the symbol “GPRO”.<\/p>\n
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.<\/p>\n
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