GoPro saw as much action in its stock market debut as one of its wearable sports cameras.
Shares of the company, whose cameras let surfers, skiers and other thrill-seekers capture their exploits, soared more than 30 percent in their first day of trading.
The stock jumped 31 percent to close at $31.34 on Thursday after the company and insiders raised $427 million by selling the shares for $24 a pop — at the high end of the expected range.
The initial public offering valued the company at nearly $3 billion, making surfer-cum-CEO Nick Woodman a billionaire on paper. His 52.4 million shares of the company are valued at $1.6 billion based on Wednesday’s closing price.
Woodman, who still owns roughly half the company, is also wealthy in real life after selling 3.56 million shares in the IPO and pocketing more than $85.5 million.
Meanwhile, Woodman’s college roommate, Neil Dana, who worked as GoPro’s first employee, walked away from the IPO $15.8 million richer after selling 658,443 of his shares.
Other early investors who reaped sizable profits include Riverwood Capital, Foxconn Technology Group and Sageview Capital Partners.
Woodman, who has said the idea for his company hit him during a surfing trip, is cashing in on the selfie craze and a generation of people who have grown up capturing their every moment on the Internet.
Although GoPro has tapped into a niche market, as waterproof cameras typically retail between $199.99-$399.99, endorsements from Olympian Shaun White and surfer Kelly Slater have helped in providing GoPro with increased media exposure, thereby legitimizing its brand.
GoPro’s relevance is evidenced by the three years worth of footage that was uploaded alone last year.