Published Date : May 20, 2014
GoPro, a pioneer in the wearable camera space, announced on Monday that it has filed for an initial public offering (IPO) worth USD 100 million. However, reports suggest that the value of the IPO could well change before the final event as the valuation of USD 100 million is likely just a placeholder.
The industry had been abuzz with reports about GoPro working on its much-anticipated IPO for several months. Most such reports began gathering steam after a confidential filing was submitted to the U.S. Securities and Exchange Commission by the company. The filing was submitted in compliance with rules governing companies that report annual revenue less than USD 1 billion.
GoPro was founded by surfing magnate Nick Woodman. The first sports-friendly, wearable cameras from GoPro hit the market a decade ago-in 2004. The company, based on San Mateo, California, manufactures cameras that are light-weight yet durable and can be mounted on one\'s self, a bicycle, vehicles, and even planes.
The company\'s sales, and therefore profits, have rapidly grown in the last decade. A key moment for the company came in 2012 when its revenue doubled the totals of preceding years, and further spiked to USD 985.7 million in 2013. GoPro\'s profits spiked from USD 32.2 million in 2012 to USD 60.6 million in 2013.
However, the first quarter saw numbers declining with its March 31 revenue figures indicating an 8% at USD 235.7 million.
As per GoPro\'s filing, the company intends to use IPO proceeds for ‘general corporate purposes\'.