The consumer electronics firm lists on the tech-heavy Nasdaq later on Thursday after pricing its IPO at $24 a share on Wednesday. That was at the top of an expected range of $21-$24, putting GoPro's value at up to $2.96 billion.
GoPro's Hero brand camera has proved popular with athletes, surfers, cyclists and skateboarders. A push into social media, with videos uploaded onto Facebook and YouTube, is also doing well. For instance, GoPro's YouTube channel had over two million subscribers and 50 million views in the first quarter.
"The real value for the company is likely to be on the content and how that content is displayed and how many people see it. That will be what drives this IPO," Rob Enderle, president and principle at Enderle Group told CNBC Asia Thursday.
"A hardware company doesn't pull much interest now even one as popular as GoPro, but a company that can showcase their internet shots to become a mini YouTube– that can pull a lot of cash," he added.
Tim Seymour, CIO at Triogem Asset Management in New York, said one concern is how GoPro would "monetize" and successfully convert users into content providers.
"While they have a brand name that can be extended, this to me on a multiple factor is absurd," he said, referring to GoPro's valuation. "We are at a place where some of these stocks are being weighed against their functional reality and I think this is a case where the market is off sights."
Enderle at Enderle Group added that GoPro was probably six months to a year away from seeing profits from its media content.