Roku priced its initial public offering at $14 a share, giving the maker of streaming video players a valuation of $1.3 billion, according to a source familiar with the matter. Just before noon Eastern about 15 million shares had moved.
Roku plans to sell 15.8 million shares from both Roku and some of its private shareholders.
But the Los Gatos, Calif., company also saw more red ink spill during the year as its net loss widened to $42.8 million, compared with $40.6 million in 2015, as it ramped up spending across the company.
Roku completed a public offering this morning, raising $252 million in an IPO that valued the company at $2 billion.
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The company is set to capitalize on the growing popularity of streaming content, as over 60% of people between 18 and 29 years of age say they watch television primarily via online streaming, showed results of a survey released this month by survey specialist's the Pew Research Center.
This company connects users to the streaming content, enables content publishers to build and monetize large audiences, and provides advertisers with unique capabilities to engage consumers.
Roku has also flourished, seeing revenue jump almost 25% in 2016 to $398.6 million, driven mostly by sales of its devices. The company takes a cut of advertising revenue from apps on Roku devices and it's become an increasingly important part of Roku's financials.
Roku previously raised more than $200 million from investors such as News Corp, Viacom, Sky and Hearst. Amazon, Apple (AAPL - Free Report), and Alphabet (GOOGL - Free Report) are arguably Roku's biggest competitors, and each sell streaming devices and products like the Fire TV stick, the Apple TV, and Google Chromecast. The company brought in $398.6 million in revenue previous year, up 25% from $319.9 million in 2015.