Action camera maker GoPro announced Monday that it is looking to raise $100 million in an initial public offering (IPO).
The San Mateo, Calif.-based company also revealed its finances for the first time on Monday, according to The Wall Street Journal.
GoPro reportedly made almost $1 billion in revenue last year and about $60 million in profit.
The company released its S-1 after markets closed on Monday, Forbes reported.
GoPro also originally filed the documents confidentially under JOBS Act guidelines. The JOBS Act lets firms with less than $1 billion in annual sales register privately.
The company was founded by Nick Woodman, a surfer-turned-entrepreneur, in 2004, and produces cameras used by participants of extreme sports, The Wall Street Journal reported. The matchbox-sized devices and accessory mounts are used by professional athletes and hobbyists alike, who attach the cameras to their bike handles, helmets, surfboards and snowboards.
The wearable cameras are not only cheap and durable, but they can also be used with smartphone apps.
Woodman said he was thinking about raising money in an IPO last year. He added that he hopes GoPro will not be like other tech companies that have delayed their IPO plans, like Silicon Valley firm Box, or have entered the public market hesitantly, like TrueCar and King Digital, Forbes reported.
The company officially changed its name in February from Woodman Labs to GoPro.
Best Buy and REI started selling the wearable cameras in stores in 2010 to replace traditional point-and-shoot cameras. In 2011, GoPro raised $88 million in venture capital. The next year, the company received $200 million from Foxconn Technology Group, an electronics manufacturer in China, in an infusion at a valuation of $2.3 billion.
Nick Woodman, and his wife, Jill, own about a 49 percent stake in GoPro, Forbes reported. Nick's father, Dean Woodman, owns a 6.4 percent stake.
Since launching the cameras in 2009, GoPro has sold over 8.5 million HD cameras, The Wall Street Journal reported.
The cameras are currently sold in over 25,000 retail stores in 100 countries.
