Roku looks to raise $204 million in IPO

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Roku, the digital streaming business, is looking to raise about $204 million when it goes public later this month. According to an SEC filing revealed Monday, the company plans to price its shares between $12 to $14.

This is more than double the $100 million that was forecast in the IPO filing earlier this month. That’s because that number is a placeholder and often changes.

If it goes public at the midpoint of the range, it would value the company at about $1.2 billion. It was earlier reported that the company was seeking a $1 billion market cap. 

Roku has previously raised more than $200 million in equity funding dating back to 2008. Menlo Ventures is the largest stakeholder, owning 35.3 percent of the company prior to the offering, and Fidelity owned 12.9 percent. Menlo Ventures will be selling 6 million shares.

Roku has digital streaming players that help cord-cutters watch content without a cable subscription. It competes with Apple TV, Chromecast and other devices.

The company brought in $399 million in revenue last year, but lost $43 million. This compares to $320 million in revenue and $38 million in losses the year before.

Roku plans to list on the Nasdaq under the ticker “ROKU.” The bankers underwriting the offering are led by Morgan Stanley and Citigroup.