GoPro focuses in on its IPO plans
Company that makes video cameras that sports enthusiasts love says that it has confidentially filed plans for an initial public offering.
GoPro is planning to go public.
The maker of cameras used by surfers, skiers and sky divers to record their exploits confidentially filed for a U.S. initial public offering, it said Friday. The company, based in San Mateo, Calif., didn’t provide details of the offering.
GoPro is working with JPMorgan Chase on the IPO, according to two people with knowledge of the matter.
The company had close to $1 billion in sales last year and plans the listing in May or June, one of the people said, asking not to be identified discussing confidential information.
The Jumpstart Our Business Startups, or Jobs, Act allows companies with less than $1 billion in annual revenue to file for IPOs confidentially with U.S. regulators.
Started in 2002 by Nicholas Woodman, who is chief executive officer, GoPro initially had one camera style that sold for $19.99 in surf shops around California. GoPro now sells four camera styles worldwide that range in price from $200 to $400, as well as a range of mounts and accessories. The company’s YouTube channel has 1.6 million subscribers and has had more than 400 million views. GoPro had 2012 sales of $521 million, Woodman told Forbes magazine last March.
A representative for GoPro didn’t respond to a request for comment.
GoPro joins the ranks of microblogging service Twitter and midprice hotel-chain La Quinta Holdings, which utilized the Jobs Act to file for IPOs confidentially and then publicized their plans. At least seven technology companies have disclosed their plans to go public in the U.S. this year, including IMS Health Holdings, the health-care focused information-technology company, data compiled by Bloomberg show.
GoPro cameras have expanded beyond the surf and sky-diving crowds. Fire departments use them for training and the U.S. Army uses them in tests of the damage to Humvees from roadside bombs.
The company produces many videos about its customers and their exploits, such as one video of environmentalist Kevin Richardson cavorting with wild lions that has almost 6 million YouTube hits.