* Company expects IPO to be priced at $21-$24/share
* To list on Nasdaq under the symbol "GPRO"
* JP Morgan, Citigroup and Barclays lead underwriters for
(Adds company's financials, use of IPO proceeds, management)
June 11 GoPro Inc IPO-GPRO.O, a maker of
wearable sports cameras and accessories, said it expected its
initial public offering to be priced at $21-$24 per share,
valuing the company at up to $3 billion.
The San Mateo, California-based company's 17.8 million-share
IPO will raise $427.2 million at the top end of the range. (r.reuters.com/bem99v)
GoPro is selling 8.9 million Class A shares in the IPO,
while the rest is being offered by selling stockholders.
The company, founded in 2004, sells its products through
specialty retailers who target surf, ski and motorsports
The company's products are endorsed by Olympic gold medal
winning snowboarder Shaun White and 11-time world champion
surfer Kelly Slater, as well as entertainers Foo Fighters,
Jane's Addiction and Alton Brown.
GoPro, whose cameras are used by the Discovery Channel and
ESPN, said JP Morgan, Citigroup and Barclays were its lead
underwriters for the offering.
The company reported a rise of 8 percent in revenue to
$235.7 million for the three months ended March 31. Net income
fell to $11 million from $23 million.
GoPro plans to use the proceeds from the offering for debt
repayment and investment purposes. The company had about $110.7
million in debt as of March 31.
GoPro's founder and Chief Executive Nicholas Woodman and his
family are the company's biggest stockholders, with a total
stake of 49 percent.
Another prominent shareholder is Foxteq Holdings Inc, which
is ultimately owned by Taiwanese contract manufacturer Hon Hai
Precision Industry Co Ltd.
GoPro hired Tony Bates, former Microsoft Corp
executive vice-president of business development, as its
president early this month. The company appointed Jack Lazar, a
former Qualcomm Inc executive, as its chief financial
officer in February.
GoPro plans to list its common stock on the Nasdaq under the
(Reporting by Neha Dimri in Bangalore; Editing by Kirti Pandey
and Maju Samuel)