GoPro announces IPO, prepares to go public
posted Friday, February 7, 2014 at 1:26 PM EDT
Big news for the business behind the biggest of action cameras on the market—GoPro has announced its plans to become a publicly traded company, and is going ahead with an IPO. And while details are scant right now, the ongoing mammoth success of the GoPro line points to a company with an extremely healthy revenue stream.
In fact, GoPro founder Nicholas Woodman is now a billionaire on the back of the device's success. And, according to TechCrunch, sales have doubled ever year, hitting $500 million in revenue in 2012, and maybe even hitting the billion dollar mark for 2013.
GoPro was previously going to offer an IPO in 2012 in a bid to raise $300-$500 million in funding, however this was scrapped thanks to a $200 million deal with Foxconn later that.
With GoPro still the reigning king of the action camera, this move is bound to bring even more attention and investment to the company. And frankly, its dominance of this niche doesn't seem to be going anywhere anytime soon.