Shares in the company behind GoPro cameras, used to capture sports action from the players’ perspective, jumped more than 30 percent on their first day of trading.
GoPro shares were trading at US$31.34 at the close of the NASDAQ on Thursday. The opening trade of the day was priced at US$28.65, while the stock was priced at US$24 for its initial public offering late on Wednesday.
GoPro raised about US$425 million in a stock market debut that gave the Silicon Valley company a value just shy of US$3 billion, given the approximately 123 million shares released onto the market.
Photo: Reuters
GoPro did not disclose how it planned to price shares, but it did reveal that it is already profitable, making a net income of US$60.6 million on nearly US$1 billion in revenue last year.
“The magic of GoPro is that we are enabling the world to communicate in this new way,” company founder and chief executive Nick Woodman said in a video posted on its Web site. “And, it’s snowballing.”
GoPro said in a filing with the US Securities and Exchange Commission that profit slowed to US$11 million on US$235.7 million in revenue in the first three quarters of this year.
GoPro cameras have become common among people involved in extreme sports and routine athletic outings, and have even been used by emergency or disaster workers.
GoPro cameras designed to survive the elements have been used to capture action or adventures ranging from marriage proposals and African safaris to surfing and bungee jumping.
Felix Baumgartner wore a GoPro camera to let others see through his eyes as he rocketed toward the ground during a jump from 39km above the Earth two years ago.
“GoPro is transforming the way consumers capture, manage, share and enjoy meaningful life experiences,” the company said in the filing. “We do this by enabling people to capture compelling, immersive photo and video content of themselves participating in their favorite activities.”
The company said in the filing that video shared by users has resulted in “virally” driving awareness of and demand for the small cameras.
“What began as an idea to help athletes document themselves engaged in their sport has become a widely adopted solution for people to document themselves engaged in their interests, whatever they may be,” GoPro said in the filing.
The company that started as Woodman Labs became GoPro in 2004 and has its headquarters in the Northern California city of San Mateo.
GoPro cameras are sold in more than 100 countries. They were the top-selling camcorder in the US last year, according to NPD Group figures cited in the filing.
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