Shares of camera maker GoPro surge in IPO

GoPro shares surge in IPO

GoPro Inc. is going big in its first day of trading on the stock market.

Shares of the maker of hot-selling cameras and camcorders surged more than 30% in the San Mateo company's initial public offering.

As of 9:30 a.m. PDT, GoPro was up $7.44, or 31%, to $31.44.

If that holds, it would more than double the 14% first-day gain of the average IPO so far this year, according to data from Renaissance Capital.

Its shares trade on the Nasdaq stock market under the symbol GPRO. The IPO valued the company at nearly $3 billion.

GoPro sold shares at $24, the high end of its expected range of $21 to $24.

GoPro cameras are popular among bikers, skydivers and mountain climbers, who strap them to their gear to film their live-action feats.

GoPro's successful debut is the latest sign of a buoyant market for new stock offerings.

After a brief lull a few weeks ago, IPOs have resumed their robust climb this year.

The 162 IPOs so far in 2014 marks a 72% rise from the comparable period last year, according to Ernst & Young.

Follow Walter Hamilton on Twitter @LATwalter

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