Shares of television streaming platform fuboTV (FUBO) jumped nearly 10% in their debut Thursday, opening at $11 a share after the company raised $183 million in its upsized public offering.
At last check, FuboTV shares rose 8.15% to $10.82.
The company's initial public offering was priced at $10 a share. At its debut price, fuboTV was valued at $684.3 million.
Earlier this year, fuboTV announced that it would merge with FaceBank Group, a virtual entertainment company, in a deal that valued the company at $700 million.
“FuboTV is one of those companies that we see is likely to do well in this environment. Their content and the offerings are considerably less expensive than the cable options," said FaceBank CEO John Textor.
The combined company is led by fuboTV CEO David Gandler.
FuboTV has several packages that offer customers as many as 164 channels of live television to stream on mobile devices, smart TVs, Apple TV, Chromecast, Roku and Amazon Fire TV.
The company started off as being a sports-focused streaming service before it expanded its offerings to include mainstream channels like ABC, Fox and CBS.
The company has subscription pricing plans starting at $19.99 a month and topping out at $54.99 a month.
Since its founding in 2015, fuboTV has raised more than $250 million from media companies including AMC Networks, Discovery, Disney, Viacom and 21st Century Fox.
The company ended 2019 with 315,789 paid subscribers, and its revenue that year jumped 90% year over year to $133.3 million.
For comparison, Hulu had 3.2 million live television subscribers at the end of 2019.