GoPro, the maker of the world’s most versatile camera, submitted confidential documents for an initial public offering (IPO) of its common stock with the Securities and Exchange Commission (SEC), according to its press statement.
The company expects the SEC to complete the review process of its draft registration statement today, February 7, 2014. GoPro took advantage of the JOBS Act that allows companies with less than $1 billion in sales to quietly submit their IPO registration with the SEC. The strategy of the camera maker was similar to Twitter Inc (NYSE:TWTR), which filed a similar confidential IPO in September last year.
GoPro hires CFO to help prepare IPO
According to CNNMoney, GoPro named former QUALCOMM, Inc. (NASDAQ:QCOM) executive Jack Lazar as chief financial officer on Tuesday. He will be helping in preparing for the company’s public offering.
Lazar replaced Kurt Amudson. Lazar has an experience in preparing companies for public offering. He was the CFO of Atheros Communications when it went public in 2004. The company is now a subsidiary of QUALCOMM, Inc. (NASDAQ:QCOM). Lazar spearheaded the transaction when Atheros decided to sell itself to Qualcomm.
In a statement, Lazar said GoPro is a high-growth company. According to him, “As both a premier consumer products company and an enabler of compelling media content, GoPro is a high-growth company with a strong track record for innovation and for defining new markets.”
GoPro proven profitable
Nick Goodman, founder and CEO of GoPro, said that the company “has been profitable since day one.” In 2012, the company managed to sell 2.3 million cameras worth more than $520 million. According to Woodman, the company sold around $100 million in cameras in January.
GoPro sold its first camera, a 35 mm film device in 2004. The company became popular when it developed small, mountable, and waterproof video cameras with excellent video quality and long battery life. The company initially attracted individuals engaged in action sports to buy its cameras, but it was also attract the interest of regular consumers.
Last year, Woodman told Forbes, “If we can become the de facto standard for image capture of unique perspectives around the world we have a lot of growth ahead of us.”