GoPro, makers of rugged cameras for lovers of the outdoors, is going public. The company revealed on Friday that they have filed the necessary paperwork to start working towards an initial public offering.
In a statement on the matter, GoPro said the IPO is expected to commence after the SEC completes the review process of their confidential submission. This type of submission, much like ones recently filed by cloud storage company Box and Twitter, means we don’t yet have a solid vision of the company’s financial strength.
Companies with less than a billion in annual sales are allowed to file a confidential IPO.
In an interview with Forbes last year, founder and CEO Nick Woodman said the company sold 2.3 million cameras and grossed more than $520 million in 2012. The publication predicted GoPro would double that figure in 2013 but apparently that didn’t happen.
Financial information will be kept private until a few weeks before shares begin to trade.
Like many other products, GoPro came to life thanks to a void in the market. Founder Nick Woodman and some friends were frustrated that they were unable to capture quality action photos while surfing. The company was soon set in motion, with Woodman creating and selling camera straps for sports applications.
A bit later, GoPro graduated to selling actual camera hardware that could capture small video clips digitally. Their current top-of-the-line camera is capable of recording at up to 4K cinema resolution, albeit at just 12fps.