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Wearable camera maker GoPro files to go public

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(Globalpost/GlobalPost)

(Reuters) - GoPro Inc, which makes wearable sports cameras and accessories, filed with U.S. regulators on Monday to raise up to $100 million in an initial public offering of common stock.

J.P. Morgan, Citigroup and Barclays are the lead underwriters of the IPO, the company told the U.S. Securities and Exchange Commission in a preliminary prospectus.

GoPro, founded in 2004, sells its products through specialty retailers who target surf, ski and motorsports enthusiasts.

The San Mateo, California-based company's cameras are also used by the Discovery Channel, ESPN and other networks.

GoPro's founder and CEO Nicholas Woodman and his family are the biggest stockholders with a 49 percent stake. The company's other prominent shareholder is Foxteq Holdings Inc, a unit of contract manufacturer Foxconn Ltd.

GoPro's revenue almost doubled to $985.7 million in 2013. The company is also profitable, earning $60.6 million, or 47 cents per share.

The filing did not reveal how many shares the company planned to sell or their expected price.

GoPro said it planned to use the IPO proceeds for working capital, repaying debt, and to acquire or invest in businesses, technologies or assets.

The company intends to list its common stock on the Nasdaq under the symbol "GPRO".

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

(Reporting by Amrutha Gayathri in Bangalore; Editing by Joyjeet Das and Sriraj Kalluvila)

http://www.globalpost.com/dispatch/news/thomson-reuters/140519/wearable-camera-maker-gopro-files-go-public