Action camera company GoPro has filed the initial documents for its initial public offering, according to a PR from the company this morning and confirmed by GoPro to TechCrunch. The announcement is brief, revealing only that the San Mateo company intends to go public as soon as the Securities and Exchange Commission completes its review process of the IPO submission draft filed today, February 7.
GoPro only just appointed a new Chief Financial Officer February 4, bringing former Qualcomm Atheros SVP Jack Lazar on board to occupy the spot. Lazar has occupied high-ranking financial roles at a number of companies both public and private over the years, and began his career as an auditor at Price Waterhouse. At Atheros, he helped the company IPO back in 2004, a year into his tenure. In hindsight, it seems likely Lazar was brought on to help prepare for this transition.
The camera maker was originally planning an IPO back in 2012 before its $200 million private investment round, but CEO Nicholas Woodman confirmed to TechCrunch back in Septemberthat one was still in the works. When the company raised its $200 million round from strategic partner Foxconn, it was valued at around $2.25 billion.
In an interview at Disrupt SF 2013, Woodman discussed the challenges of fundraising for a hardware startup, and the benefits of bootstrapping even at a time when crowdfunding platforms are prevalent. The founder talked about how he started with $64K of his own startup capital, followed shortly from $100K put in by his father, and how that afforded him the ability to start with a clear and singular vision.
GoPro has seen its sales numbers for its action camera products and accessories double ever year, according to the company. It made over $500 million in gross revenue on the strength of 2.3 million cameras sold in 2012, and racked up over $100 million in sales last January, and Woodman hinted that the company might exceed $1 billion in revenue for all of 2013 in a Bloomberg TV interview last October.
Source: TechCrunch
