Shares of camera maker GoPro jump nearly 30 per cent in stock market debut
NEW YORK, N.Y. – Shares of GoPro Inc. are up nearly 30 per cent in early trading in their stock market debut.
The company makes wearable sports cameras that are used by skydivers, surfers and other extreme sports fans to film themselves or create first-person videos that capture the experience as they saw it.
The cameras, which are light and waterproof, cost between $200 and $400.
GoPro raised $427 million after selling 17.8 million shares at $24 each, valuing the whole company at about $3 billion.
Its shares are up $7, or 29 per cent, to $31 in morning trading after rising as high as $33 earlier. GoPro shares are trading on the Nasdaq stock exchange under the symbol “GPRO.”
The San Mateo, California, company plans to use the money raised to pay down debt.
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