GoPro, the action camera manufacturer, has filed the initial documents for its IPO, according to a recent press release from the company. The announcement was brief and it only revealed that the San Mateo Company intends to go public, just as soon as the Securities and Exchange Commission completes its review process of the IPO submission draft filed on February 7 2014.
The action camera company only just appointed a new Chief Financial Officer 3 days prior to this on February 4, bringing former Qualcomm Atheros Senior Vice President, Jack Lazar on board. Lazar has taken high-ranking financial roles at a number of companies both public and private over his career and began his working life as an auditor at Price Waterhouse. When he was at Atheros, he helped the company with it’s IPO ten years ago, only a year into his position may I add. It does seem likely Lazar was brought on board to assist in preparing for this financial transition.
GoPro were originally planning an IPO 2 years ago, back in 2012, before its $200 million private investment round. When the company raised its $200 million round from strategic partner Foxconn, it was valued at approximately $2.25 billion. The founder Nick Woodman, started with $64K of his own startup capital, followed by $100K from his father and how that afforded him the ability to start with a clear vision.
GoPro took approximately $500 million in gross revenue on the strength of 2.3 million cameras sold in the 2012 trading year and they racked up over $100 million in sales last January. Woodman has hinted that GoPro may exceed $1 billion in revenue for all the of 2013 trading year in a Bloomberg TV interview in October 2013. GoPro has seen its sales numbers for its action camera products and accessories double ever year, according to the firm. It’s little wonder with their exceptional viral marketing campaigns such as the one below.
[Image via thenosebleeds]