GoPro files for confidential IPO

Action camera maker GoPro is going public.
Posted By Kristen Butler  |  Feb. 7, 2014 at 1:08 PM
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SAN MATEO, Calif., Feb. 7 (UPI) -- Camera-maker GoPro has filed for a confidential initial public offering, making its way from extreme sports startup to full media company.

GoPro was valued at $2.25 billion back when it raised a $200 million investment from Foxconn in December 2012, so its current valuation is expected to be much higher.

But a confidential IPO, like Twitter's, means the company won't have to disclose financial details until just a few weeks before their shares begin trading, a tactic made possible by recent rules from the U.S. Securities and Exchange Commission meant to encourage smaller businesses to go public.

CEO Nick Woodman started the company when in 2002 he wanted better action shots of himself surfing. The first GoPro camera was sold in 2004.

In October 2012 daredevil Felix Baumgartner broke the sound barrier during a skydive from a balloon on the edge of space, 24 miles above Earth's surface, equipped with seven GoPro cameras to record the record-shattering fall.

Now GoPro has its own editing software and its roughly $200 to $400 cameras are a consumer phenomenon. Its YouTube channel has about 1.6 million followers, mostly GoPro users, who submit video captured with the cameras.

Partly based on the channel's popularity, GoPro recently made a deal with Microsoft to put a GoPro channel on Xbox 360 and Xbox One later this year.

[Forbes] [The Verge]

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