GoPro looking for a $3 billion valuation ahead of IPO

SAN MATEO, Calif., June 11 (UPI) -- Action camera manufacturer GoPro is looking to raise $427 million in its upcoming IPO, a price that would value the company at $3 billion.

The company is looking to offer 17.8 million shares for $21 to $24 a piece, according to a prospectus filed Wednesday. Given the price range the company could raise $427 million, valuing the company at around $3 billion, which it is expected to use for general corporate purposes and to repay debt.

"We believe consumer demand for compelling content, combined with our self-capture technology and the popularity of social media, create a significant media opportunity for GoPro,'' the company said.

Despite dropping sales among cameras and camcorders, GoPro's revenues continue to grow, with its 2013 annual revenue reaching close to $1 billion, up 87 percent from $526 million in 2012. More than half its sales come from outside the U.S. and with 3.8 million cameras sold in 2013, GoPro now has a 45 percent market share in the camcorder segment.

As a part of its IPO, the company has been attempting to rebrand itself as a media company, distributing video content, as opposed to just a hardware company.

The company was founded 10 years ago by surfer Nicholas Woodman and launched its first high definition camera in 2009. Users have used the camera to create fascinating point-of-view videos, many of them uploaded to YouTube and social media sites.

Woodman will hold 48 percent of the company's Class A shares following the IPO and plans to sell about 3.5 million shares in the IPO, which could be worth up to $85.5 million at the offering price.