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GoPro announces Nasdaq listing plans

Article By: ,  Financial Analyst
May 20, 2014 11:15 AM

Wearable camera manufacturer GoPro has confirmed plans for an initial public offering in the US, with shares in the firm to go on sale on the Nasdaq in the coming months.

The company stated that the money it will raise from the offering will go towards paying off its debts and covering the cost of future acquisitions that are currently in the pipeline.

In its filing with stock market regulators, GoPro said "it may use a portion of the net proceeds to acquire or invest in complementary businesses, technologies or assets".

The firm is planning to raise at least $100 million (£59 million) from the sale and the company has opted for the Nasdaq rather than rivals such as the New York Stock Exchange.

Rising profits

GoPro has been improving its financial situation in the last few months, following the news that the firm brought in $60.6 million in net income in 2013. This was almost double the amount it made in the previous 12 months, indicating the fast pace of growth of the business.

US financial institutions JPMorgan and Citigroup, along with British bank Barclays, have been charged with managing the share sale for GoPro, reports BBC News.

The largest shareholder in the company is currently founder and chief executive Nicholas Woodman and his family, who between them have a 49 per cent stake in GoPro and are therefore in line to make tens of millions of dollars as a result of the offering.

However, he is set to remain at the helm of the business for the foreseeable future, after the company stressed that he was "critical" to its success. A statement added: "The loss of Mr Woodman could adversely affect our business, financial condition and operating results."

GoPro has a wide range of cameras up for sale, with the Hero3 currently among the most popular products it has available to buy. The camera comes in white, black and silver editions and is priced between £199 and £359.

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