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Wearable camera maker GoPro's IPO price range set at $21-$24/share

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GoPro, which makes wearable sports cameras and accessories, said it expected its initial public offering of shares to be priced $21 and $24 per share.

GoPro, a maker of wearable sports cameras and accessories, said it expected its initial public offering of shares to be priced between $21 and $24 per share, valuing the company at up to $3 billion.

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The San Mateo, California-based company's 17.8 million-share IPO will raise $427.2 million at the top end of the range.

GoPro is selling 8.9 million class A shares in the IPO, while the rest is being offered by selling stockholders.

The company, founded in 2004, sells its products through specialty retailers who target surf, ski and motorsports enthusiasts.

GoPro, whose cameras are used by the Discovery Channel and ESPN, said JPMorgan Chase, Citigroup, and Barclays were its lead underwriters for the offering.

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GoPro's founder and Chief Executive Nicholas Woodman and his family are the company's biggest stockholders, with a total stake of 49 percent.

Another prominent shareholder is Foxteq Holdings, which is ultimately owned by Taiwanese contract manufacturer Hon Hai Precision Industry Co.

GoPro plans to list its common stock on the Nasdaq under the symbol "GPRO."

By Reuters