GoPro Inc. (GPRO), whose cameras let surfers, skiers and sky divers record their exploits, rose in its trading debut after pricing its initial public offering at the top of the marketed range.

The shares gained 20 percent to $28.75 as of 10:50 a.m. in New York, after the company and its shareholders raised $427 million by selling the the stock for $24 each. GoPro is listed on the Nasdaq Stock Market under GPRO.

GoPro users' videos showcase everything from a pelican's eye view to bungee-jumping off a bridge, and the company is creating a media platform to profit from that content. GoPro's business selling waterproof cameras for $199.99 to $399.99 is already profitable. It sold 3.8 million of those cameras last year.

The IPO, which valued San Mateo, California-based GoPro at $2.96 billion, came a decade after Chief Executive Officer Nicholas Woodman started the company.

GoPro plans to use the proceeds from the IPO to repay debt -- some of which is owed to lead bookrunners JPMorgan Chase & Co., Citigroup Inc. and Barlcays Plc. GoPro also may use the funds to acquire complementary businesses or assets.

Selling shareholders include Riverwood Capital LP, Foxconn Technology Group and Sageview Capital Partners LP, the prospectus shows. Woodman, 39, and employee Neil Dana also planned to sell stock.

Content Channels

GoPro's profit margin narrowed to 37 percent last year from 43 percent in 2012, as research and development costs doubled, regulatory filings show. Revenue jumped 87 percent in 2013.

GoPro distributes user-generated content through Facebook Inc., Instagram Inc. and Twitter Inc. On Google Inc.'s YouTube alone, there have been more than 500 million views of GoPro videos. While the company hasn't yet derived revenue from media, it expects to start collecting fees this quarter from advertising through its partnerships with Microsoft Corp. (MSFT)'s Xbox Live and channels on YouTube and Virgin America Inc.