GoPro Going Public
GoPro, which 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 that can be attached to a variety of sports gear. It has historically targeted consumers in extreme sports ranging from skiing 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. This has caused shipments for the first quarter to drop 11 percent, revenue falling about $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 (NYSE: SNE) and Coleman Co., both of which have introduced products similar to GoPro.
Founder and CEO Nick Woodman will hold onto the lion's share -- nearly 50 percent --of the company's stock. Another notable shareholder 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 nine firms, including J.P. Morgan, Citigroup and Barclays.
The company also plans to offer as much as 1.5 percent of shares through Loyal3 Securities, according to the Wall Street Journal. This will allow investors to buy into the company for as little as $100.
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