GoPro Inc. shares closed at $31.34 on their first day of trading on the NASDAQ Thursday, marking one of the more successful initial public offerings of the year. The company had priced its IPO shares at $24 Wedenesday, which valued the company at about $2.96 billion, but investors quickly bid them up as high as $33 as 44 million shares traded hands.
The IPO raised $427.2 million with half going to the company and half going to selling shareholders. If underwriters fully exercise options to acquire additional shares, the offering could raise up to $491.3 million. The San Mateo, California-based company sold 8.9 million shares in the IPO, raising about $213 million.
GoPro's Hero video cameras retail for between $199.99 and $399.99 and are extremely popular among action sports enthusiasts, including surfers, sky divers, skateboarders, mountain bikers and fishermen. The company reported net income of $60.6 million on nearly $1 billioni in sales in 2013, roughly double the profit earned in 2012. GoPro has sold more than 8.5 million cameras since its first product was introduced in July 2009.