The stock price of GoPro, Inc (NASDAQ:GPRO) skyrocketed during its initial public offering (IPO) today. The maker of the most versatile action camera proved that it is not only popular among extreme sports enthusiasts, but also with investors.
GoPro, Inc (NASDAQ:GPRO) raised approximately $427 million after selling 17.8 million shares for $24 a share, the high-end of its proposed price range between $21 to $24 per share. The IPO gave the action camera maker a valuation of nearly $3 billion.
Today, the shares of GoPro, Inc (NASDAQ:GoPro) opened at $28.65 per share. The stock surged abruptly and ended the trading session with gaining more than 30% to $31.34 per share.
According to David Menlow, president of IPOfinancial.com, GoPro is a “hot brand” and “on fire.” He emphasized that the company is “first into a market” and generally “gets the largest market share.”
GoPro’s brand is definitely popular as it sold around 3.8 million high-definition or HD cameras last year alone. Since the introduction of its first HD camera in 2009, the company already sold as much as 8.5 million units based on its regulatory filing. The NPD Group’s Retail Tracking service reported that GoPro is the top selling camcorder company in the United States.
Separately, Alibaba Group Holding Limited decided to trade at the New York Stock Exchange (NYSE) under the ticker “BABA.”
The ticker “BABA” represents the name of the company. The word “ba” in Chinese means eight, which is considered a lucky number in China. Alibaba Group Holding Limited scheduled its IPO on August 8.
The Chinese e-commerce giant will be the third-largest technology company listed on the exchange behind International Business Machines Corp (NYSE:IBM) and Oracle Corporation (NYSE:ORCL). Alibaba Group Holding Limited has an estimated market valuation of approximately $168 billion.
Eric Ryan, managing director at NYSE said, “We are pleased to welcome Alibaba Group to the New York Stock Exchange where they will join our network of the world’s best companies and leading brands.”
Commenting on the decision of the Chinese e-commerce giant, Richard Repetto, an analyst at Sandler O’Neill & Partners said, “The momentum shifts back and forth between the two exchanges as far as IPO wins, and now it’s shifted back to the NYSE.”