At the end of September, there were a total of 99.76 million class B shares and 26.29 million class A shares outstanding. The largest shareholder is the Woodman Family Trust, which is directed by GoPro’s founder and CEO, Nicholas Woodman, and by Jill R. Woodman. The trust owns 45 million class B shares, which are identical in value to class A shares, but each class B share gets 10 votes.
Nicholas and Jill Woodman will sell about 4.1 million shares from trust. The Silicon Valley Community Foundation is not selling shares. This may cause confusion, given the reports from over a month ago that the Woodman sales would not take place until next year, because the Silicon Valley Community Foundation has said it will not sell shares until 2015. Other major selling shareholders in this offering are Riverwood Capital, offering 1.63 million shares, and Foxteq Holdings, offering a million shares.
This is another case of striking while the IPO iron is hot. GoPro’s shares have tripled since their June initial public offering of 20 million shares at $24. The shares closed up about 3% at $81.50 on Monday. The original IPO lockup period ends on December 23, and virtually all the class A and class B shares will free to trade after that date.
The consensus analyst price target is $81.60, and the 52-week trading range is $28.35 to $98.47. GoPro has a market cap near $10 billion.
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