GoPro, a US-based manufacturer of high-definition cameras, has filed for an initial public offering of up to $100m.
The company’s corporate parent, Woodman Labs, is the largest shareholder in GoPro, with a 48.8% stake it holds through The Woodman Family Trust. Industrial manufacturing contractor Foxconn owns a 10.4% stake after investing $200m in December 2012 for an 8.9% share at a $2.5bn valuation.
Other notable shareholders include Riverwood Capital (16.3%) and Sageview Partners (6.15%). Steamboat Ventures, the Disney-affiliated fund that invested in GoPro’s other notable round, which raised $88m in 2011, holds 3.1%.
GoPro intends to use the proceeds to help repay an $111m term loan under its credit facility, though part of the cash could also be used for investments in complementary businesses, technologies or assets.
Founded in 2003, GoPro produces high-definition personal cameras that are also rugged and flexible, meaning they can be used in action-based situations, from extreme sports to vehicles. It posted a net income of $60.6m in 2013 from revenues of $985.7m.
J.P. Morgan Securities, Citigroup Global Markets and Barclays Capital are acting as joint book-running managers of the offering. The other underwriters are Allen & Company, Stifel, Nicolaus & Company, Robert W. Baird & Co., MCS Capital Markets, Piper Jaffray & Co. and Raymond James & Associates.