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GoPro files for $100M IPO with SEC, demonstrates strong revenues

updated 05:14 am EDT, Tue May 20, 2014

GoPro revenue in 2013 shows 87-percent improvement on previous year

GoPro is preparing to go public, by filing an initial public offering (IPO) with the US Securities and Exchange Commission. Initially revealed in plans in February, the S-1 document filed by the action camera manufacturer reveals it is looking to raise $100 million in the IPO, and will be listed on NASDAQ using the ticker symbol GPRO, though the exact timing and how may shares will be available to buy are unknown.

The filing claims the company generated annual revenues of $234.2 million, $526.0 million, and $985.7 million in the year 2011, 2012, and 2013 respectively, with the revenue for the first three months of 2014 hitting $235.7 million, reports TechCrunch. Reported net income for the same periods were $24.6 million, $32.3 million, $60.6 million, and $11.0 million respectively.

GoPro Hero3+
GoPro Hero3+

The cash generated from the IPO is said in the filing to be used for "general corporate purposes," including working capital and payment of a $111.0 million term loan. It is also suggested the company would use a portion of the net proceeds to "acquire or invest in complementary businesses, technologies, or assets," but it does not currently have any present commitments or agreements for acquisitions or investments.

While the filing claims the company hopes to raise $100 million, the IPO can end up being for a potentially larger amount. An investment in the company by Foxconn in 2012, exchanging $200 million for an 8.88-percent stake, gave GoPro a valuation of $2.25 billion at the time, a figure that has likely increased.

by MacNN Staff



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