GoPro Goes Public

GoPro, Inc. who touts itself as the maker of the "world's most versatile camera" stepped into the spotlight Monday by filing its S-1 form with the SEC and publicly releasing its financial data for the first time. GoPro has been able to generate revenue approaching $1 billion by offering individuals a way to showcase their "lives' most meaningful experiences". The company makes small high performance cameras which can be attached to a variety of sports gear and has historically targeted consumers in extreme sports ranging from surfing to ski diving. Although the company has performed well since its launch in 2004, it noted in the SEC filling that it has recently faced production delays for its Hero3 Black camera causing shipments for the first quarter to drop 11 percent, revenue to fall just under $20 million to $235.7 million, and a decline in profits from $23 million to $11 million. In contrast to these declines, GoPro was able to grow its gross profit margin from 35 percent in the same quarter last year to 41 percent this quarter. As the company moves into the public arena it stands to face sharp competition from companies such as Sony Corp.

and Coleman Co., both of whom have introduced products similar to GoPro. CEO and Founder, Nick Woodman will hold on to the lion's share of the company's stock at nearly 50 percent as we move towards the company's IPO. Another notable share holder is Foxconn Technology Group, a Chinese electronics manufacturer, with about a 10 percent stake in the company. The initial filing has the offering listed as $100 million, and company intends for its common stock to be listed on NASDAQ under the ticker GPRO. To handle the underwriting GoPro has listed 9 firms. Among the top are J.P. Morgan, Citigroup, and Barclays. Additionally, the company plans to offer as much as 1.5 percent of shares through Loyal3 Securities Inc., according to the Wall Street Journal. This will allow investors to buy into the company for as little as $100.