Breaking News from CNBC's Kayla Tausche: JPMorgan to Lead Gopro IPO
WHEN: FRIDAY, February 7, 2014
WHERE: CNBC'S "POWER LUNCH"
Following is the unofficial transcript of breaking news from CNBC's Kayla Tausche. Following is a link to the breaking news on CNBC.com: http://video.cnbc.com/gallery/?video=3000244192. All references must be sourced to CNBC.
KAYLA TAUSCHE: HI SUE ANOTHER COMPANY IN GROWTH MODE GOPRO WE TALKED ABOUT IT EARLIER TODAY BECAUSE IT CONFIDENTIALLY FILED FOR AN IPO. I HAVE A LITTLE BIT MORE DETAIL AND THAT IS THAT JPMORGAN CHASE IS THE LEAD LEFT UNDERWIRTER ON THIS IPO FOLLOWED BY CITIGROUP AND BANK OF AMERICA. SO THOSE ARE THE UNDERWRITERS THAT THEY HAVE SO FAR. GOPRO IS OF COURSE AN ACTIVE LIFESTYLE SUITE OF PRODUCTS INCLUDING CAMERAS YOU WEAR ON YOUR WRIST AND YOUR FOREHEAD AND THE LIKE. VERY COOL PRODUCTS. I AM TOLD THAT REVENUES JUMPED NEARLY 100% BETWEEN 2012 AND 2013 FROM MY SOURCES. THEY POSTED 521 MILLION DOLLARS IN REVENUE IN 2012 AND THEY'RE JUST SHY OF A BILLION DOLLARS IN REVENUE FOR THE LAST YEAR. AND OF COURSE YOU HAVE TO BE BELOW A BILLION DOLLARS IN REVENUE TO BE ABLE TO FILE A CONFIDENTIALLY UNDER THE JOBS ACT. CEO NICK WOODMAN HAS SAID VEY PUBLICLY IN SEVERAL INTERVIEWS THAT THE COMPANY WAS "INSTANTLY PROFITABLE" BECAUSE OF THE MARGINS THERE AND I AM TOLD BY MY SOURCES THAT GOPRO IS EYEING AN IPO AT THE END OF THE SECOND QUARTER BUT THAT OF COURSE THOSE THINGS ARE ALWAYS FLUID SO WE DON'T HAVE AN EXACT DAY JUST YET. BUT JPMORGAN, CITIGROUP AND BANK OF AMERICA ON THAT DEAL FOR QUITE A HIGH-FLYING AND HIGH-GROWTH COMPANY.
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