The TV streaming company Roku Inc has unveiled plans to sell shares worth US$200mln via an IPO that will value the business at around US$1bn.
According to a filing made with the Securities and Exchange Commission, shares will be sold to institutions for between US$12 and US$14 each.
Share sale to allow partial exit for early investors
Founded 15 years ago, the business leads the big hitters such as Amazon and Apple with 37% of the market for internet TV streaming boxes. That adds up to more than 15 mln units.
The listing values chief executive and founder Anthony Wood’s stake at US$284mln.
While Roku is raising up to US$126m selling shares, the IPO is being used as a partial exit for early investors such as Menlo Ventures, which could net US$84mln, and Sky Ventures, which may make US$9mln from stock sales.