Roku prices IPO at top of price range, raises USD 219 mln
29 September, 2017, 00:44
In an SEC filing, the company disclosed it had about 15.1 million activge accounts and has streamed 6.74 billion hours of content. The company has said that the majority of its current revenue comes from streaming player sales.
Now it has to compete with devices from Amazon, Google, and Apple.
Roku is poised to capitalize on the popularity of streaming content.
Like many Silicon Valley tech companies entering the public market, Roku is not profitable. A cut of subscription revenue from the apps featured on Roku's platform also provides a sizable share of business. The company priced its 18 million share initial public offering at $14 per share, which is at the top end of its expected price range. The company plans to make more money for every hour of viewing by selling more advertisements within its platform. Its fiscal 2016 revenue of $398.6 million was up 25% from the $319.9 million in fiscal 2015.
Roku Inc. (NASDAQ: ROKU) entered the market with a bang on Thursday morning as one of the most anticipated initial public offerings (IPO) this fall.
All three offer streaming video boxes featuring the most popular apps, such as Netflix and Hulu, to the growing number of cord-cutters untethering themselves from cable television.
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The offering will raise $126 million in funding for Roku, while giving existing shareholders of the company roughly $93 million. Menlo Ventures was the largest stakeholder prior to the IPO, owning 35.3 percent of the company.
The company brought in $399 million in revenue in 2016, but lost $43 million.
Roku announced that it had generated revenue of just over $199.6 million during the six-month period ending on June 30.
"That's great growth for them, but that playbook can also be copied", said Kathleen Smith, principal at Renaissance Capital.
Roku investors have to hope the company's perception on Wall Street doesn't go the way of Snap or Blue Apron - businesses whose ideas can be easily replicated by a deep-pocketed competitor.
Men and women danced in the streets to drums and electronic music, in scenes that were a stunning novelty in a country. Until then Saudi Arabia remains the only country in the world to enforce gender apartheid behind the wheel.
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Prince Harry and Meghan Markle were feeling the love at the Invictus Games in Toronto today, and they let the whole world see it. Many media outlets and reporters were hoping to at least get a shot of Harry and Meghan together but that didn't happen.
However, Project Neptune is clearly the in its early stages and might never make its way out of a concept and into production. The carmaker partnered with Triton Submarines to develop Project Neptune, a submarine with a sleek design.
French unions remain anxious about potential job losses when Alstom SA becomes Siemens Alstom after the deal announced Tuesday. Both companies are present in the United Kingdom , with Alstom employing 2,600 people there and Siemens Mobility about 4,000.
Facebook and other technology companies are coming under increased scrutiny amid the Russian Federation investigations. Trump, however, put a positive spin on his time in office so far in a follow-up tweet .
"It may not result in a singular victor ", Roy Villarreal, acting chief of the Border Patrol's San Diego sector said. Completion of the structures is expected within about 30 days, according to federal officials.
He said he was seeking a fresh mandate to overcome " a national crisis " as the threat from North Korea grows. During the news conference, Abe has said he would resign if he fails to achieve that result.
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