GoPro rose to fame with its action cams - small, weatherproof, mountable video cameras that offer excellent video quality and battery life.
NEW YORK (CNNMoney)
The camera maker revealed plans Monday to raise $100 million in an initial public offering, as well as financial results showing several years of surging growth.
GoPro made its IPO plans known earlier this year but, because it filed confidentially, hasn't opened its books until now. The company's sales reached $986 million last year, more than four times its 2012 total, while profits hit $60.6 million, nearly doubling.
That pace has moderated a bit in 2014. GoPro recorded $236 million in sales for the first quarter, down from $255 million a year prior, while profits dropped to $11 million from $23 million in 2013.
The company plans to trade on the Nasdaq under the symbol "GPRO." That's a small victory for the exchange, which, despite its tech focus, has lost out to the New York Stock Exchange on offerings from companies like Twitter and Box.
GoPro rose to fame with its action cams -- small, weatherproof, mountable video cameras that offer excellent video quality and battery life considering their size. Thrill seeker Felix Baumgartner famously used a GoPro camera to record his free fall from space in 2012.
The cameras were initially marketed for extreme sports, but other hobbyists have been quick to find new uses for them. Drone enthusiasts, for example, have found the GoPro ideal for mounting on their flying vehicles and capturing footage from the skies.
But GoPro is also facing increased competition from some unlikely places. As companies like Google (GOOGL) and Samsung push technologies like Glass and the Galaxy Gear watch, more people will be donning wearable cameras -- a market GoPro has largely cornered thus far.
Foxconn -- the Chinese manufacturer best known for assembling iPhones and iPads -- invested $200 million in the company in late 2012, giving it a 9% stake. At the time, the investment valued GoPro at about $2.25 billion.
First Published: May 19, 2014: 6:18 PM ET
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