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.