GoPro announces price of initial public offering
By Catholic Online (NEWS CONSORTIUM)
6/12/2014 (2 years ago)
Catholic Online (www.catholic.org)
Camera maker GoPro upcoming initial public offering will be priced between $21 and $24 per share, the company announced on June 11.
GoPro makes a clip-on camera that has become incredibly popular with people who wish to film extreme sports.
LOS ANGELES, CA (Catholic Online) - This offering, under the ticker symbol "GPRO", may potentially raise as much as $427 million, and analysts say that the IPO could value the company at around $3 billion.
GoPro is the maker of the famous wearable camera, and is incredibly popular among consumers who have used the clip-on cameras to record all manner of events, including combat, extreme sports, life events or even simple cat videos.
The founder and CEO of the company, Nick Woodman, originally conceived of the camera to be used by surfers, but the camera has found its niche with active people who wish to share their adventures all over the world.
Back in May the company first hinted at its intentions, filing as a smaller company as allowed under the JOBS Act, which allows the company to withhold some of its information. However,the firm did show that it was profitable-something that is surprisingly rare for technology IPOs-and that since 2011 its sales have quadrupled.
Some analysts are not as convinced by these high numbers, instead pointing out the company's uneven quarterly revenue numbers. GoPro claims these are caused by production delays, but analysts say that if the firm is going to scale up, it will need to iron out these issues.
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