Economy

Roku aims to raise $252 million with IPO

Roku aims to raise $252 million with IPO”

Roku, the digital streaming business, is looking to raise about $204 million when it goes public later this month. The streaming device maker revealed in an amendment to its original S-1 filing Monday that it aims to price its shares between $12 and $14.

The company had 15.1 million active accounts as of June 30 and claims that its users streamed more than 6.7 billion hours over the six-month period ending June 30. That's because that number is a placeholder and often changes.

Roku has previously raised more than $200 million in equity funding dating back to 2008.

Most of Roku is now owned by Anthony Wood, its founder and CEO, and Menlo Ventures, a venture capital firm.

Roku is still unprofitable and has amassed $244 million in losses since it was founded in 2002. Menlo Ventures is the largest stakeholder, owning 35.3 percent of the company prior to the offering, and Fidelity owned 12.9 percent.

The company now generates the majority of its revenue with the sale of TV streaming devices, followed by advertising and licensing revenue.

The company brought in $399 million in revenue a year ago, but lost $43 million.

Roku is continuing to flesh out its plans to go public later this year. Morgan Stanley, Citi, Allen & Company and RBC Capital Markets are the joint bookrunners on the deal.



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