GOPRO’S FIRST DAY on the stock market went better than expected after it saw its share price rise by 30%.
Shares for GoPro started off at $24 a share and quickly rose to $30 in early trading, meaning the company is worth more than $3 billion. It raised $427 million after it sold 17.8 million shares.
The company, which is best known for capturing the first-person perspective of those participating in extreme sports, is hoping that its success will provide it with a second business in digital media.
Not only does it have a large presence on social media, it recently added a dedicated channel of GoPro videos to Microsoft Xbox.
Its cameras were the top selling camcorders in the US by sales and units in 2013, according to its IPO filings. However, concerns about its finances surrounded the IPO after the company revealed its first quarter revenue in 2014 was down roughly 8% compared to the same time in 2013.
The company plans to use the money raised to pay down debt and run the company.
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