GoPro Inc expects to raise up to $427.2 million in its initial public offering, according to an updated filing with the Securities & Exchange Commission. The company said it plans to offer 17.8 million Class A shares priced between $21 and $24 each. At the high-end of its valuation, GoPro’s valuation would reach $2.96 billion.
Founder Nick Woodman is selling 3.6 million of his 56.6 million shares and will continue to control 47.7 percent of the company through his ownership of super-voting Class B shares. Riverwood Capital, Foxconn and Sageview Capital will combine to sell 2.3 million shares from their holdings of slightly more than 37 million shares in the company.
Neil Dana, Nick Woodman’s college roommate who was also the company’s first employee, is divesting 658,443 of his 6.58 million shares. Pro surfer Kelly Slater, described as a consultant in the filing, will sell 73,500 of his 210,000 shares.
The company plans to list its shares on the Nasdaq Global Select Market exchange under the symbol “GPRO.”
