GoPro prices IPO at between $21-$24
GoPro, the popular sports camera maker, is intending to sell 17.8 million shares of stock at an estimated price of $21 to $24 per share, according to an S-1 filing. Based on these numbers GoPro could raise as much as $427 million and could hit a valuation as high as $3 billion.
GoPro will be using some of this funding to pay off a loan through its credit facility, according to the filing. The remaining cash will help GoPro develop specialty hardware and set up a content management system to build out a media entity that sells user-generated content.
GoPro was founded in 2002 after founder Nick Woodman was given a $264,000 check from his parents. According to VentureBeat, Woodman simply wanted a camera to strap on his wrist to film his adventures while surfing. The company ended up getting much bigger than he had ever imagined.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry