Venture capital-backed wearable sports camera company GoPro Inc raised just over $427m at its IPO yesterday with shares initially traded at $24.
The California-based business offered a total of 17.8million shares, half of which were created for the IPO and the rest offered by selling stockholders.
Growth investment firms Riverwood Capital and Sageview Capital plan to sell down part of their stakes through the IPO, but will continue to hold the vast majority of their stakes following the listing.
Riverwood agreed to part with 1.2m shares and Sageview more than 436,000, dropping their ownership by 15 per cent and six per cent respectively.
The principle stockholders of the company are founder Nicholas Woodman and his family trust, which dropped around 4.2 million shares in the sale.
GoPro initially aimed to sell shares for between $21 and $24 according to the company’s filing with the Securities Exchange Commission, but interest in the float was enough that company bosses decided to go for the highest value.
The share price had risen to $31.3 at close of business yesterday.
GoPro said it will use the capital to repay the company’s term loan, which was at $111m as of March 31. It also lists “general corporate purposes” and to create a public market for the company’sClass A common stock in the SEC filing.
GoPro’s financials since 2010 show its steady rate of growth, with an EBITDA of $75.3m for 2012 rising to $133.7m last year.
J.P. Morgan, Citigroup and Barclays are the lead underwriters for the IPO.
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