San Mateo's GoPro Files Paperwork For IPO, Hopes To Raise $100 Million
SAN MATEO (CBS / AP) -- GoPro Inc. has filed the paperwork to take its niche video camera business public.
The company, based in San Mateo, makes devices popular with extreme athletes. Its small and durable cameras, which sell for several hundred dollars, can be found on the tops of helmets of skiers, handlebars of mountain bikers and the fronts of surfboards.
GoPro indicated in the filing that it hopes to raise up to $100 million, but that amount is likely to change as the banks managing the deal gauge investor interest. The company did not say how many shares it hoped to sell or for what price.
It plans to use the proceeds for general corporate purposes and to repay a loan.
GoPro generated net income of $60.6 million in 2013 on revenue of $985.7 million, according to its filing Monday with the U.S. Securities and Exchange Commission. That's up from net income of $32.3 million and revenue of $526 million the year before.
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