Tuesday, July 29, 2014
FAIRFIELD-SUISUN, CALIFORNIA
99 CENTS

Ready, set, GoPro: Camera maker to hit Wall Street

By
From page A10 | June 26, 2014 |

NEW YORK — GoPro has climbed mountaintops and dived to ocean bottoms. Now it’s headed somewhere only slightly tamer: Wall Street.

The maker of wearable sports cameras, loved by mountain climbers, divers, surfers and other extreme sports fans, said late Wednesday it sold 17.8 million shares at $24 each in its initial public offering of stock.

The IPO was priced at the high end of GoPro’s expected range and raised $427 million, valuing the whole company at about $3 billion. The proceeds from the IPO could rise to $491 million if underwriters use their option to buy more shares.

The stock will begin trading on the Nasdaq stock market Thursday under ticker symbol “GPRO.”

The company is entering a busy time for initial public offerings, with seven companies expected to make their debut on the same day. It’s the third busiest week for IPOs since 2000, according to IPO investment adviser Renaissance Capital.

But GoPro is likely to stand out. Its branded cameras have created a new market, selling electronics and accessories to people who want to take video of themselves jumping out of a plane or riding a skateboard — especially first-person videos that capture the experience as they saw it.

“They seem to have dominated this business,” said Kathleen Smith, co-founder of Renaissance Capital, which manages a fund that tracks recent IPOs.

GoPro wants to go beyond cameras. It has hinted that it wants to be a media company, too, by making money off the videos created by the cameras. However, it hasn’t laid out concrete plans to do that yet.

The company, which has its headquarters in San Mateo, California, was founded in 2004 by GoPro’s CEO and Chairman Nicholas Woodman. Its first product was a waterproof camera that used film. In 2006, it launched its first digital camera. Three years later it began selling a high-definition camera. The cameras are light, small and waterproof. They have other uses besides sports. TV producers use them to film in areas where big professional cameras can’t go.

Its list of competitors is short, but growing. Consumer electronics companies Garmin, Samsung and Sony have all entered the market.

GoPro had the best-selling camcorder last year, according to government paperwork filed by the company. Since launching its high-definition camera in 2009, it has sold 8.5 million of them, including 3.8 million in 2013. Its cameras are sold in more than 25,000 stores and cost between $200 and $400.

It also sells accessories such as cases, battery packs and mounts that help users attach their cameras to surfboards, helmets or their wrists. It also has a free app and software that lets users edit, store and publish their videos to their social media accounts including Facebook, Instagram, Twitter and YouTube.

Additional growth may come from the wild videos its cameras create.

“We believe GoPro is well-positioned to become the first media company whose content is captured exclusively using its own hardware,” the company said in its government filing.

But Wall Street analysts are ignoring that for now. “They haven’t monetized it yet,” said Smith.

It may one day sell ads for its videos, speculated Chris Chute, an analyst at technology market research firm IDC. But its value is the cameras.

“It’s one of the bright spots in consumer electronics,” said Chute.

The company has been able to sell cameras even as people prefer to use their smartphones to take pictures and video, Chute said.

GoPro did not respond to an interview request for this story.

GoPro’s revenue jumped to $985.7 million in 2013, nearly double what it brought in the year before.

It says it plans to use the IPO money to pay down debt.

 

The Associated Press

The Associated Press

LEAVE A COMMENT

Discussion | No comments

The Daily Republic does not necessarily condone the comments here, nor does it review every post. Read our full policy

.

Solano News

 
Library teens plan summer reading party

By Glen Faison | From Page: A5

 
Weather for Tuesday, July 29, 2014

By Daily Republic staff | From Page:

 
Big-rig driver strikes telephone lines in Fairfield

By Ryan McCarthy | From Page: A5, 1 Comment | Gallery

 
Fairfield police log: July 27, 2014

By Glen Faison | From Page: A12

Suisun City police log: June 27, 2014

By Glen Faison | From Page: A12

 
Caltrans makes I-80 lane change

By Barry Eberling | From Page: A5, 1 Comment

 
Fairfield tries to end Cordelia Road detour

By Barry Eberling | From Page: A3, 9 Comments | Gallery

 
‘Guardians of the Galaxy’ primed for big screen

By Amy Maginnis-Honey | From Page: A7

.

US / World

 
Sacramento Gold Rush Days canceled due to drought

By The Associated Press | From Page:

Annoying minor floods are increasing on US coasts

By The Associated Press | From Page: , 1 Comment

 
Man charged in teen’s 9-month disappearance

By The Associated Press | From Page: | Gallery

 
Deal to improve veterans’ health care costs $17B

By The Associated Press | From Page: , 1 Comment | Gallery

Suspect dead, 2 marshals and cop wounded in NYC

By The Associated Press | From Page: | Gallery

 
New fears about Ebola spread after plane scare

By The Associated Press | From Page:

In Iraq’s Mosul, radicals unleash their vision

By The Associated Press | From Page:

 
Fighting in Ukraine prompts residents to flee

By The Associated Press | From Page: | Gallery

Israeli PM warns of prolonged campaign in Gaza war

By The Associated Press | From Page:

 
Witnesses: Thunderstorm hit beach without warning

By The Associated Press | From Page: | Gallery

Suspect’s mom also charged in Long Beach burglary

By The Associated Press | From Page:

 
City: Emails show ‘cozy’ ties of PG&E, regulator

By The Associated Press | From Page: | Gallery

Pool water dumped in South Tahoe; resort fires 3

By The Associated Press | From Page:

 
Additional charge filed in California wildfire

By The Associated Press | From Page:

California governor takes dig at Texas guard plan

By The Associated Press | From Page: , 2 Comments | Gallery

 
.

Opinion

Editorial cartoons for July 29, 2014

By Daily Republic Syndicated Content | From Page:

 
 
.

Living

Horoscopes for July 29, 2014

By Holiday Mathis | From Page: B5

 
Today in History for July 29, 2014

By The Associated Press | From Page:

I don’t want to have intimate contact since learning I had a STD

By Kathy Mitchell and Marcy Sugar | From Page:

 
Community Calendar: July 29, 2014

By Susan Hiland | From Page:

.

Entertainment

Kevin Bacon brings his ‘Six Degrees’ to Comic-Con

By The Associated Press | From Page:

 
Sarah Palin launches online subscription channel

By The Associated Press | From Page: | Gallery

‘Sharknado’ sequel has bite and lots of laughs

By Frazier Moore | From Page: | Gallery

 
TVGrid July 29

By Daily Republic Syndicated Content | From Page: B6

.

Sports

Giants lose 5th straight, 5-0 to Pirates

By The Associated Press | From Page:

 
 
Lakers finally confirm Byron Scott is new coach

By The Associated Press | From Page:

Raiders relying on healthy Watson to solidify line

By The Associated Press | From Page:

 
This date in sports history for Tuesday, July 29, 2014

By The Associated Press | From Page:

Quarterback Johnny Manziel’s day at Browns camp

By The Associated Press | From Page: | Gallery

 
Judge OKs record-setting $2B sale of Clippers

By The Associated Press | From Page: | Gallery

Humphrey to savor Hall of Fame day with ‘wingman’

By The Associated Press | From Page:

 
Rays’ Archer: ‘Never saw Hank Aaron flip his bat’

By The Associated Press | From Page:

 
Reed HOF induction gives Bills cause to celebrate

By The Associated Press | From Page: | Gallery

In the Pits: Gordon eyeing 5th title after big Brickyard win

By Jenna Fryer | From Page: | Gallery

 
Marketing agreement an obstacle in US bid for 2024

By The Associated Press | From Page:

Sailors to navigate dirty water in 1st Rio test

By The Associated Press | From Page:

 
Manningham back with Giants, with no guarantees

By The Associated Press | From Page:

.

Business

Contracts to buy US homes slip in June

By The Associated Press | From Page: | Gallery

 
FAA proposes to fine Southwest Airlines $12M

By The Associated Press | From Page: | Gallery

Stocks pause as traders await key economic news

By The Associated Press | From Page:

 
Zillow buying Trulia to build real estate titan

By The Associated Press | From Page: | Gallery

Dollar Tree steps up fight, buys Family Dollar

By The Associated Press | From Page: | Gallery

 
.

Obituaries

.

Comics

B.C. July 29

By Daily Republic Syndicated Content | From Page: B4

 
Get Fuzzy July 29

By Daily Republic Syndicated Content | From Page: B4

Baldo July 29

By Daily Republic Syndicated Content | From Page: B4

 
Baby Blues July 29

By Daily Republic Syndicated Content | From Page: B4

Rose is Rose July 29

By Daily Republic Syndicated Content | From Page: B4

 
Zits July 29

By Daily Republic Syndicated Content | From Page: B4

Crossword July 29

By Daily Republic Syndicated Content | From Page: B5

 
Garfield July 29

By Daily Republic Syndicated Content | From Page: B4

Pickles July 29

By Daily Republic Syndicated Content | From Page: B4

 
Frank and Ernest July 29

By Daily Republic Syndicated Content | From Page: B4

Beetle Bailey July 29

By Daily Republic Syndicated Content | From Page: B4

 
Word Sleuth July 29

By Daily Republic Syndicated Content | From Page: B5

Peanuts July 29

By Daily Republic Syndicated Content | From Page: B4

 
Cryptoquote July 29

By Daily Republic Syndicated Content | From Page: B5

For Better or Worse July 29

By Daily Republic Syndicated Content | From Page: B4

 
Bridge July 29

By Daily Republic Syndicated Content | From Page: B5

Wizard of Id July 29

By Daily Republic Syndicated Content | From Page: B4

 
Dilbert July 29

By Daily Republic Syndicated Content | From Page: B4

Sally Forth July 29

By Daily Republic Syndicated Content | From Page: B4

 
Blondie July 29

By Daily Republic Syndicated Content | From Page: B4

Sudoku July 29

By Daily Republic Syndicated Content | From Page: B5