Video streaming platform Roku has raised $219 million in its Wednesday initial public offering.
Priced at $14 a share, the company sold 15.7 million shares from Roku and some of its private shareholders, valuing the company at $1.3 billion. The stock will make its debut on the Nasdaq exchange today under the symbol “ROKU.” The IPO was a success for Roku, which had initially proposed a $12-14 a share range.
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Roku’s boxes allow users to stream content from a variety of video services, including Netflix, YouTube, and HBO. As of June 30, the company has 15.1 million active accounts, with users streaming more than 6.7 billion hours in first half of the year.
While the growing streaming trend has made Roku popular, the company has had largely unprofitable growth since it was founded in 2002. Last year, the company brought in $399 million in revenue, but lost $43 million. In the first half of this year, it lost $24.2 million.
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According to TechCrunch, Roku had previously raised more than $200 million in capital since 2008. Menlo Ventures was the largest stakeholder prior to the IPO, owning 35.3%, and Fidelity owned 12.9%.
