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GoPro up 30% in stock debut

usa wall street ipo stock wearable camera durable product

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#1 Hum


    totally wAcKed

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Posted 27 June 2014 - 05:49

GoPro is tough enough to survive close encounters with sharks, killer waves and even drops from outer space. Now the wearable camera maker is conquering Wall Street.

GoPro (GPRO) officially went public Thursday on the Nasdaq under the ticker symbol "GPRO."

After pricing its initial public offering at $24 per share -- the top of its intended price range -- the consumer electronics company jumped immediately in initial trading and is surging over 30%. Shares are selling for over $31.

The GoPro IPO raised about $425 million last night. The deal values GoPro at nearly $3 billion based on its roughly 123 million shares outstanding.

David Menlow, president of IPOfinancial.com, said GoPro is clearly a "hot brand" that is "on fire" thanks to the popularity of its durable product.