GoPro (NASDAQ:GPRO) is officially coming to the public markets today! With an IPO priced at $24/share -- the high end of its range -- it will hit the markets with a value of nearly $3.0 billion. And if reports are to be believed, this offering will have ample demand.

It's estimated GoPro will raise nearly $430 million and is planning to use the proceeds to pay off debt and invest in growth.

Motley Fool tech analyst Jamal Carnette was initially interested in the company as an investment until the company redefined itself as a media company for higher valuations. GoPro is a consumer electronics company; and while they may have ambitions to become a social-media company, their bread-and-butter business is consumer electronics.

Although Jamal doesn't think GoPro is an investment right now, he does see a derivative play. Ambarella makes the chips and technology for GoPro cameras, and could be a better play going forward.

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Jamal Carnette owns shares of Ambarella. The Motley Fool recommends Ambarella. The Motley Fool owns shares of Ambarella. 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.