GoPro, Inc. announced that it plans to conduct a registered initial public offering of its common stock. The offering is expected to commence after the SEC completes the review process initiated by GoPro’s confidential submission, done under a provision of the 2012 JOBS act aimed at companies with annual revenues of less than $1 billion, whereby the Securities and Exchange Commission has time to request changes away from public view.
Filing its IPO confidentially means GoPro won’t reveal its financials until a later date. Twitter filed a similar confidential IPO in September 2013.
Last year, Founder and CEO Nick Woodman told FORBES that the company sold 2.3 million cameras, grossing more than $520 million in 2012. That continued a trend of doubling annual revenues since the company debuted its first camera in 2004. Given the company’s confidential filing, one can assume that GoPro did not double revenues in 2013, despite selling $100 million in cameras last January, according to CEO Woodman.
GoPro was widely expected to be filing for an IPO around this time. To help prepare for the IPO, GoPro appointed Jack Lazar as chief financial officer on Tuesday. Lazar served as CFO of Atheros during its 2004 IPO.
