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GoPro action camera manufacturer files for IPO, set to raise $100mn

GoPro, the maker of so-called action cameras (popular with outdoorsy adventuring and extreme sports types), plans to raise $100 million (£59 million) in its Initial Public Offering (IPO) following the release of its registration documents to the Securities and Exchange Commission (SEC) after the close of the stock market over in the US yesterday.

This development was reported by Forbes, although it was already known that GoPro was going public due to an announcement back in February. However, back three months ago the company initially filed for a confidential IPO – meaning that it could keep its financial information secret until just before its shares become available.

With the official filing of the S-1 form with the SEC yesterday, though, all systems are go, and GoPro's fiscals are out in the open ready to be examined by potential investors. And the firm has recorded a revenue of $985 million (£585 million) for last year, which wasn't far off double the previous year (up 87 per cent), and net income saw the same story, up from $32 million (£19 million) in 2012 to $61 million (£36 million) in 2013. It shipped 3.85 million cameras throughout last year, which was up 66 per cent compared to the previous year.

Which obviously all looks very promising, although these strong 2013 financials are tempered slightly by the news that growth has slowed in the first quarter of 2014, down 7 per cent year-on-year from the $255 million (£151 million) seen in Q1 2013, with net income also falling by just over 50 per cent to $11 million (£6.5 million).

In the filing, the company issued a caution on the subject of future growth: "Although our revenue and profitability have grown rapidly from 2009 through 2013, you should not consider our recent revenue growth as indicative of our future performance. In future periods, our revenue could decline or grow more slowly than we expect."

GoPro also noted: "Moreover, smartphones and tablets with photo and video functionality have significantly displaced traditional camera sales. It is possible that, in the future, the manufacturers of these devices, such as Apple Inc. and Samsung, may design them for use in a range of conditions, including challenging physical environments, or develop products similar to ours."

Indeed, the explosion of smartphones and tablets has caused waves all over, from mobile gaming through laptops and as mentioned, traditional cameras.

Watching this one unfold will certainly be interesting, and as ever, we'll keep you up to date with the latest.