GoPro opens at $28.65, shares spike 20%

David Paul Morris | Bloomberg | Getty Images

David Paul Morris | Bloomberg | Getty Images

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GoPro shot up more than 20 percent from its opening price of $28.65 after opening just before 11am on Thursday morning.

Shares of GoPro—which makes cameras used by surfers, skydivers and other action junkies to record and post their exploits online—rose as much as 26 percent in their market debut.

GoPro’s shares rose to a high of $30.19 in early Nasdaq trading, valuing the company that popularized action cameras for consumers at up to $3.7 billion.

The San Mateo, California-based company’s IPO raised $427.2 million, after its offering of 17.8 million class A shares was priced at $24, the high end of the expected price range.

GoPro sold 8.9 million shares, while the rest were offered by selling stockholders, including founder Nick Woodman and investors Riverwood Capital LP, Hon Hai Precision Industry Co Ltd and Sageview Capital Master LP.

JP Morgan, Citigroup and Barclays were lead underwriters for the IPO.

Read More GoPro’s hot, but for how long?

Late Wednesday, GoPro priced its initial shares at $24 a share, at the high end of its expected range. The stock trades under the symbol “GPRO” on the Nasdaq. (Click to see how the stock is trading.)

Founded by Nicholas Woodman in 2004, GoPro has stores around the world and nearly doubled in revenue between 2012 and 2013, according to a May SEC registration statement.

The cameras range in price from about $200 to $400. Retailers include independent specialty stores and large companies such as Amazon.comand Wal-Mart.

Read More Buckle up! IPO roller coaster is about to begin

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