GoPro Files for $100 Million IPO
Even as growth slows
GoPro, maker of the now ubiquitous action cameras, has announced that it seeks to raise $100 million in its initial public offering, according to documents released to the Securities and Exchange Commission on Monday.
While the company filed the first documents for its IPO last February, it formally released its S-1 after markets closed Monday.
According to the filing, GoPro’s revenue for 2013 totaled $985 million, up 87 percent from the previous year. But growth has slowed in the first three months of 2014, with revenue down 7 percent from the same period last year. In 2013, GoPro founder and CEO Nicholas Woodman told Forbes that the company’s revenues had doubled each year up to 2012. That trend has now ended.
We’ll have to wait and see how GoPro’s plan to go public will affect the company, which filed for the IPO at a particularly unstable time. Tech companies that have recently entered the market face a range of difficulties. King Digital, for example, is trading well below its IPO price, according to Forbes.
The final details of GoPro’s IPO may change as the company files future registration documents. The camera maker will list on the Nasdaq under the symbol “GPRO.”