GoPro IPO values company at up to $3 billion

nick woodman gopro ipo
Nick Woodman, founder and chief executive officer of GoPro, holds one of the company's cameras.

GoPro is ready to go public.

The camera maker revealed Wednesday that it plans to price its upcoming initial public offering at between $21 and $24 a share, valuing the company at up to $3 billion.

Foxconn -- the Chinese manufacturer best known for assembling iPhones and iPads -- invested $200 million in GoPro in late 2012, giving it a 9% stake. At the time, the investment valued GoPro at about $2.25 billion.

The company plans to trade on the Nasdaq under the symbol "GPRO." That's a small victory for the exchange, which, despite its tech focus, has recently lost out to the New York Stock Exchange on offerings from companies like Twitter and Box in the wake of the Facebook (FB) IPO debacle.

GoPro rose to fame with its action cams -- small, weatherproof, mountable video cameras that offer excellent video quality and battery life considering their size. Thrill-seeker Felix Baumgartner famously used a GoPro camera to record his free fall from space in 2012.

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The cameras were initially marketed for extreme sports, but other hobbyists have been quick to find new uses for them. Drone enthusiasts, for example, have found the GoPro ideal for mounting on their flying vehicles and capturing footage from the skies.

But GoPro is also facing increased competition from some unlikely places. As companies like Google (GOOGL) and Samsung push technologies like Glass and the Galaxy Gear watch, more people will be donning wearable cameras -- a market GoPro has largely cornered thus far.

GoPro's sales reached $986 million last year, more than four times its 2012 total, while profits hit $60.6 million, nearly doubling.

That pace has moderated a bit in 2014. GoPro recorded $236 million in sales for the first quarter, down from $255 million a year prior, while profits dropped to $11 million from $23 million in 2013.

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