GoPro's shares jump 26% in debut

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GoPro2 Reuters. A GoPro Hero 3+ camera is seen at the Nasdaq Market Site before before GoPro Inc's IPO in New York City, June 26, 2014. Wearable sports camera maker GoPro Inc's initial public offering was priced at $24 per share, an underwriter said, valuing the company at up to $2.96 billion.

New York - Shares of GoPro - which makes cameras used by surfers, skydivers and other action junkies to record and post their exploits online - rose as much as 26 percent in their market debut.

GoPro's shares rose to a high of $30.19 in early Nasdaq trading, valuing the company that popularised action cameras for consumers at up to $3.7 billion.

The San Mateo, California-based company's IPO raised $427.2 million, after its offering of 17.8 million class A shares was priced at $24, the high end of the expected price range.

GoPro sold 8.9 million shares, while the rest were offered by selling stockholders, including founder Nick Woodman and investors Riverwood Capital LP, Hon Hai Precision Industry Co Ltd and Sageview Capital Master LP.

JP Morgan, Citigroup and Barclays were lead underwriters for the IPO. - Reuters



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