NEW YORK (AP) – Wall Street is feeling adventurous.
Investors sent shares of GoPro Inc. up 30 percent in their 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 are used by skydivers, surfers and other extreme sports fans to film themselves or 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. And it has a free app and software that lets users edit, store and publish their videos to their social media accounts including Facebook, Instagram, Twitter and YouTube.
GoPro raised $427 million after selling 17.8 million shares at $24 each.
Its shares rose $7.75, or 32.3 percent, to $31.75 in midday trading Thursday after rising as high as $33 earlier. GoPro shares are trading on the Nasdaq stock exchange under the symbol “GPRO.”
The San Mateo, California, company plans to use the money raised to pay down debt.