GoPro Founders Cheer IPO. Photo Courtesy of US News

IPO market investors who were able to secure shares from their brokerdealers that were floated today on the NASDAQ Stock Market by video camera maker GoPro were rewarded as the company’s stock surged more than 30% in the company’s first day of trading on the public stock markets.

Investment Bankers J.P.Morgan, Citigroup and UK’s Barclays were the lead underwriters. Selling group members included the broker dealer industry’s Mischler Financial Group, the securities industry’s oldest and largest firm owned and operated by service-disabled veterans.

GoPro is the largest consumer-electronics IPO since battery company Duracell International Inc.’s 1991 debut raised $433 million, according to data provider Dealogic. Gillette Co., now a unit of Procter & GambleCo., bought Duracell in 1997.

GoPro is the latest consumer business to cash in on investor demand for U.S. stocks, which has given the likes of microblogging service Twitter Inc., perfume maker Coty Inc. and theme-park operator SeaWorld Entertainment Inc. a window to float shares in the past year and a half.

At the offering price, GoPro’s selling shareholders will generate proceeds of $427.2 million, based on the 17.8 million shares being sold. The company will command a market value of nearly $3 billion based on the 123.1 million shares that will be outstanding after the deal.  Trading on the NASDAQ Stock Market under ticker symbol “GPRO”, the shares soared GoPro shares rose $7.73, or 32 percent, to $31.73 in afternoon trading Thursday after rising as high as $33 earlier.

 

The post Video Camera Maker GoPro Shares #GPRO Surge As Company Raises $450 Million in Deal Led By Top BrokerDealers appeared first on BrokerDealer Blog.