Wednesday, June 11, 2014, 10:17 am PT (01:17 pm ET)
GoPro to give customers, fans access to IPO stock at Wall Street pricePersonal camera manufacturer GoPro, which sells durable action accessories that connect to Apple's iPhone, is taking the relatively unusual step of making an allowance for stock to be sold to individual investors during its initial public offering, allowing customers and fans to purchase shares before trading begins.
GoPro is expanding on the common practice of offering IPO shares to "friends and family," allocating 1.5 percent of the issue to be sold via social IPO platform Loyal3. Company founder Nick Woodman said the move was designed to thank GoPro's customers for their support during the business's formative years.
"While with most IPOs, 'friends and family' are defined as a few select people, with our IPO, all of our customers and fans who love and support our brand are considered our friends and family," Woodman said in a statement. "If it weren't for you, we wouldn't be here today, and not a day goes by when we don't realize and appreciate that."
U.S. residents can take part in the IPO on a first-come, first-served basis by opening a Loyal3 account with at least $350 and making an investment between $100 and $10,000 in GoPro shares. GoPro expects to price its shares between $21 and $24 per share.
GoPro famously began as Woodman's pet project to create a better camera for capturing surfing footage, and the rugged shooters have now become a favorite of both amateur and professional cinematographers when capturing action shots. Longtime Microsoft executive Tony Bates, who left the software giant after being passed over as former CEO Steve Ballmer's successor, now serves as GoPro's president.
AppleInsider reviewed the company's latest flagship camera, the Hero3+ Black Edition, last fall, and found it to be an outstanding addition to Apple's iOS ecosystem of connected devices. Sporting built-in wireless connectivity, the device can connect to the official GoPro app for iPhone, allowing remote control and viewing of the device.
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