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GoPro plans secondary public offering

Published November 11, 2014

SAN MATEO, Calif. (BRAIN) — Action camera maker GoPro Inc., plans to raise $800 million in a secondary stock offering. The company, which went public in June, plans to offer $100 million in shares, while current shareholders, including founder and CEO Nicholas Woodman, will sell the remaining $700 million.

Woodman's stake in the company is valued at $3.4 billion; prior to the secondary offering, he has about 44 percent of the voting power.

Woodman told employees the new capital "will provide us with additional resources to invest in people, products, potential acquisitions, and infrastructure to help us achieve our long-term vision." He also said he planned to remain the company's shareholder for a long time.

GoPro raised more than $427 million in its IPO. 

Last month, GoPro reported quarterly earnings and revenue well ahead of analysts' predictions, posting revenue of $280 million, or earnings per share of 12 cents.

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