Monday, May 19, 2014
GoPro, With SoCal Ties, Files For IPO
Action sports camera maker GoPro, which has a few Southern California connections, has filed for an IPO, saying Monday in a regulatory filing that it is looking to raise $100M on the NASDAQ Global Select Market as GPRO. The firm's founder, Nicholas Woodman, is a graduate of UC San Diego, and came up with the idea for the company while surfing off of San Diego; the company's investors also include Steamboat Ventures--the venture arm of Walt Disney--which looks to own something around 3 percent of the company. In addition, a number of GoPro's employees came from Cineform, which was based in San Diego. GoPro's IPO is being underwritten by J.P. Morgan, Citigroup, Barclays, Allen & Company LLC, Stifel, Baird, MCS Capital Markets, Piper Jaffray, and Raymond James. The company reported $985.73M in revenues for the year ended December 31, 2013.