GoPro, a US-based producer of portable high-definition camera equipment, went public yesterday in a $427.2m initial public offering that saw the company float at the top of its range.
The company issued 8.9 million shares, while shareholders sold an additional 8.9 million. More than half of the shares divested by shareholders were sold by founders the Woodman Family and venture capital firm Riverwood Capital.
Industrial contract manufacturer Foxconn divested almost 740,000 of its 11.7 million shares, making $17.7m in the process, while Disney-affiliated VC firm Steamboat Ventures shifted about 218,000 of its 3.5 million shares in the company, generating a $5.2m return.
Prior to the offering, GoPro had secured $288m in funding from backers also including U.S. Venture Partners, Sageview Capital and Walden International. GoPro will use its share of the proceeds chiefly to repay an outstanding term loan currently standing at $111m.
The underwriters have the 30-day option to buy a further 2.67 million shares of stock, which would lift the size of the IPO to about $491m. GoPro’s stock opened at $29.00 on its first day of trading yesterday and ended the day at $31.34, a 30.5% jump from the offering price.
J.P. Morgan, Citigroup, and Barclays are the lead joint book-running managers for the offering. Allen & Company, Stifel, Baird, MCS Capital Markets, Piper Jaffray, and Raymond James are serving as co-managers for the offering.