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Tech

Shares Of San Mateo’s GoPro Inc. Soar 30 Percent In Debut On NASDAQ

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Nick Woodman (C), founder and CEO of GoPro celebrates during the company's initial public offering (IPO) at the Nasdaq Stock Exchange on June 26, 2014 in New York City. (Andrew Burton/Getty Images)

Nick Woodman (C), founder and CEO of GoPro celebrates during the company’s initial public offering (IPO) at the Nasdaq Stock Exchange on June 26, 2014 in New York City. (Andrew Burton/Getty Images)

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SAN MATEO (CBS SF) — Wall Street has a taste for adventure.

Investors sent shares of San Mateo-based GoPro Inc. (GPRO) up more than 30 percent in their stock market debut Thursday, following an initial public offering that valued the sports camera maker at about $3 billion.

The company makes wearable sports cameras that are used by skydivers, surfers and other extreme sports fans to film themselves as they create first-person videos that capture the experience as they saw it.

The cameras, which are light and waterproof, cost between $200 and $400. It also sells accessories such as cases, battery packs and mounts that help users attach their cameras to surfboards, helmets or their wrists. Users can download a free app or computer software to edit, store and publish their videos to their social media accounts, including Facebook, Instagram, Twitter and YouTube.

GoPro had the best-selling camcorder last year, according to government paperwork filed by the company. Its revenue jumped to $985.7 million in 2013, nearly double what it was a year earlier. However, in the first three months of 2014, revenue fell 7.6 percent to $235.7 million from a year ago.

With its IPO, GoPro and selling shareholders raised $427 million after selling 17.8 million shares at $24 each. The proceeds from the IPO could rise to $491 million if underwriters use their 30-day option to sell 2.67 million more shares.

The company plans to use its share of the money raised to pay down debt.

GoPro shares rose $7.73, or 32 percent, to $31.73 in afternoon trading Thursday after rising as high as $33 earlier. The stock is listed on the Nasdaq stock exchange under the symbol “GPRO.”

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