GoPro, which went public on June 26, is expected to raise $96.5 million before underwriting expenses through the sale of 1.29 million shares in a secondary offering. The offering was priced last Thursday at $75 a share.
Existing shareholders sold another sell 9.07 million in the offering. The company’s largest shareholder, CEO and founder Nicholas Woodman’s Woodman Family Trust, will sell 4.1 million shares as part of the offering, netting approximately $308 million. The trust will retain a 44.1 percent stake, representing 45 million shares, in GoPro after the offering.
Riverwood Capital will offload 1.63 million shares and Foxteq Holdings plans to sell one million shares. Underwriters will have a 30-day option to buy an additional 1.55 million class-A shares.
GoPro has had a wild ride in the public markets since its debut. Priced at $24 per share, the company has traded as high as $98.47 in October. Shares jumped early last week on the news of the secondary offering but slumped 9.29 percent to $71.74 on Thursday after the pricing was announced. The $75 price was a discount to the stock’s previous closing price of $79.09, indicating to some that management felt its valuation was too rich to support the sale. On Friday, the stock closed at $70.72 after starting the week at $76.47 although it traded as high as $86 on Wednesday.
In other GoPro news, CEO Nick Woodman was the Guest Shark on Fridays episode of Shark Tank, the popular business pitch show.
