Action camera manufacturer GoPro filed plans on February 7 for an initial public offering, or IPO, as the company ratchets up plans for expansion and maintaining its industry-leader reputation. Will GoPro be an attractive investment when its shares go on sale, or should investors stay on the sidelines? Based on favorable market conditions for big tech IPOs and GoPro's seemingly good financials, investors should keep their eyes on this IPO as a potential investment opportunity. However, until more details are released about GoPro's financial picture I'll have tempered optimism for the company's future prospects.

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However, WatchListNews insinuates that GoPro's decision to file privately with the Securities and Exchange Commission, or SEC, suggests the company fell short of its prior fast growth rates in fiscal year 2013. Currently, we don't know anything about how many shares GoPro will offer or what exchange GoPro is planning on having its shares listed. So, while the valuation of the company at this point seems reasonable based on optimistic future projections, until we know how richly the IPO values GoPro as well as the company's official revenue numbers, investors probably shouldn't get too excited about the GoPro IPO just yet.

Overall, while GoPro has much room to expand in domestic and international markets and it holds key competitive advantages in the action camera business, I'd wait until more specifics about the IPO come out before running to buy stock in the company. GoPro certainly looks more attractive then either Sony or Twitter and has exciting prospects for the future.

Evan Buck has no position in any stocks mentioned. The Motley Fool recommends Twitter. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.