GoPro, the maker of the small video cameras worn by athletes, is planning a $100-million initial public stock offering, the company disclosed through its first public filing with the Securities and Exchange Commission.
The filing, released Monday afternoon, shows GoPro has seen meteoric growth in revenue for the last three years. In 2013, the San Mateo firm collected just under $1 billion in revenue, at $985.7 million.
More importantly, the tech company is also already profitable, posting a net income of $60.6 million for 2013.
However, investors may be concerned with GoPro's performance during the first quarter of 2014, in which the company posted revenue of $235.7 million. That's down from $255.1 million a year earlier.
GoPro announced that it had confidentially filed for its IPO in February.
Under the 2012 JOBS act, companies with revenue of less than $1 billion a year can start the IPO filing process without having to reveal their financial figures immediately. This is designed to shorten the gap between when a company makes its first public filing and when its IPO actually occurs, giving investors, analysts and those in the media less time to scrutinize a company.
In the filing Monday, GoPro said it will trade on the Nasdaq exchange under ticker symbol GPRO.
GoPro was launched in 2004 by Nick Woodman, the company's chief executive and an avid surfer. Since then, the company has specialized in selling customers small cameras that are popular among athletes, particularly those who do extreme sports.
Currently, the company sells three kinds of cameras, with the base model priced at $199.99. GoPro also sells numerous mounts and accessories to go along with its cameras.Copyright © 2014, Los Angeles Times