GoPro hopes to raise up to $427 million in its upcoming initial public offering, a price that would value the action camcorder marketer and at about $3 billion.
GoPro plans to offer 17.8 million shares at $21 to $24 each, the company said in a Wednesday filing.
Founded 10 years ago by surfer Nicholas Woodman, GoPro launched its first high-definition camera in 2009. Users have capitalized on their ability to create eye-popping video sensations shared by millions on YouTube and other social media sharing sites. Last year, GoPro customers uploaded about 2.8 years of video to YouTube alone.
At a time when sales of traditional cameras and digital video camcorders continues to fall, GoPro’s revenue growth is soaring. When it filed its initial registration last month, GoPro said 2013 annual revenue hit $985.7 million, up 87 percent over $526 million in 2012 and 320 percent over 2011 revenue of $234.2 million. More than half of sales now come from outside the U.S. And with 3.8 million cameras sold in 2013, GoPro now has about 45 percent of the overall camcorder marker.
Management sees opportunity in both camera sales, software and related products. But with GoPro channels on YouTube, Facebook, Instagram and Twitter, it also sees itself as a budding media company.
“We believe consumer demand for compelling content, combined with our self-capture technology and the popularity of social media, create a significant media opportunity for GoPro,” the company says.
Woodman, who will remain CEO, will hold about 48 percent of the company’s Class A shares following the IPO. Woodman plans to sell about 3.5 million shares in the IPO, which could be worth up to $85.5 million at the offering price