Roku Stock Rises in Market Debut

29 September, 2017, 00:41 | Author: Valerie Burke
  • Roku Roku TV IPO stock streaming

Roku officially filed for IPO earlier this month, and at the time told potential investors that it was going to price its shares between $12 and $14.

Roku has also flourished, seeing revenue jump almost 25% in 2016 to $398.6 million, driven mostly by sales of its devices.

Late Wednesday, streaming device company Roku said that it will sell 219 million shares priced at $14 apiece that would give it a value of $1.3 billion, when it makes its debut Thursday on Wall Street on Nasdaq using the ROKU ticker symbol.

As of the end of June, Roku had 15.1 million active accounts. One can point to its wide selection of TV apps available on its devices for this growth-it has over 3,000 channels-with top choices available like Netflix, Amazon Prime Video, Hulu, HBONow (TWX - Free Report) and Starz. It's hoping to grow the number of hours streamed by each user, and monetize the hours through advertising, according to its prospectus. But, during the first half of this year, Roku's reported net loss of $24.2 million narrowed from $33.2 million in the first half of 2016.

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The cash Roku raised today will be used to compete against a host of tech giants.

Apple has its Apple TV device, Amazon has the Fire TV Stick and Alphabet has the Google Chromecast device.

Roku was founded in 2002 and has always been admired by even staunch rivals for having crafted perhaps the most elegant user interface in the streaming game. Apple, Amazon, and Google are all selling streaming hardware, and both Amazon and Google have partnered with TV makers to get their software operating systems on brand-new sets.

Even though CEO Wood isn't anxious about his company's ability to compete, investors will have to decide if Roku's market share and option-oriented platform are enough to set the streaming device maker apart. This gives Roku a total market capitalisation of around Dollars 1.3 billion.

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