NEW YORK: Wall Street has a taste for adventure.
Investors sent shares of GoPro Inc. up more than 30 percent in its stock market debut Thursday, following an initial public offering that valued the sports camera maker at about $3 billion.
The company makes wearable sports cameras that skydivers, surfers and other extreme sports fans use to film themselves as they create first-person videos that capture the experience as they saw it. The cameras, which are light and waterproof, cost between $200 and $400. It also sells accessories such as cases, battery packs and mounts that help users attach their cameras to surfboards, helmets or their wrists. Users can download a free app or computer software to edit, store and publish their videos to their social media accounts, including Facebook, Instagram, Twitter and YouTube.
The IPO came a decade after Chief Executive Officer Nick Woodman, 39, started the company. With almost three years of footage uploaded last year by customers, GoPro is tapping a younger, selfie-driven generation and plans eventually to make money from that content.
GoPro had the best-selling camcorder last year, according to government paperwork the company filed. Its revenue jumped to $985.7 million in 2013, nearly double what it was a year earlier.
However, in the first three months of 2014, revenue fell 7.6 percent to $235.7 million from a year ago.
With its IPO, GoPro and selling shareholders raised $427 million after selling 17.8 million shares at $24 each.
GoPro (Nasdaq: GPRO) soared $7.34 to close at $31.73. It rose to as high as $33.