GoPro announces Nasdaq listing plans

<p>GoPro stocks will be available on the Nasdaq in the coming months.</p>

Wearable camera manufacturer GoPro has confirmed plans for an initial public offering in the US, with shares in the firm to go on sale on the Nasdaq in the coming months.

The company stated that the money it will raise from the offering will go towards paying off its debts and covering the cost of future acquisitions that are currently in the pipeline.

In its filing with stock market regulators, GoPro said "it may use a portion of the net proceeds to acquire or invest in complementary businesses, technologies or assets".

The firm is planning to raise at least $100 million (£59 million) from the sale and the company has opted for the Nasdaq rather than rivals such as the New York Stock Exchange.

Rising profits

GoPro has been improving its financial situation in the last few months, following the news that the firm brought in $60.6 million in net income in 2013. This was almost double the amount it made in the previous 12 months, indicating the fast pace of growth of the business.

US financial institutions JPMorgan and Citigroup, along with British bank Barclays, have been charged with managing the share sale for GoPro, reports BBC News.

The largest shareholder in the company is currently founder and chief executive Nicholas Woodman and his family, who between them have a 49 per cent stake in GoPro and are therefore in line to make tens of millions of dollars as a result of the offering.

However, he is set to remain at the helm of the business for the foreseeable future, after the company stressed that he was "critical" to its success. A statement added: "The loss of Mr Woodman could adversely affect our business, financial condition and operating results."

GoPro has a wide range of cameras up for sale, with the Hero3 currently among the most popular products it has available to buy. The camera comes in white, black and silver editions and is priced between £199 and £359.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.