Streaming television provider Roku Inc. has filed its first documents to begin the launch of its initial public offering under the ticker ROKU.
On Roku's S-1 financial statement, filed Friday with the Securities and Exchange Commission, the company left its share price and number blank, but said it plans to offer Class A common stock. The offering will be underwritten by Morgan Stanley & Co. (MS) - Get Report , Citigroup (C) - Get Report Global Markets Inc., Allen & Co., RBC Capital Markets LLC, Needham & Co., Oppenheimer & Co. (OPY) - Get Report and William Blair & Co.
In July, the Wall Street Journal reported that Roku was planning an IPO before the end of the year, seeking a $1 billion valuation. The move follows two rocky technology IPOs earlier this year, from Snap Inc. (SNAP) - Get Report and Blue Apron Holdings Inc. (APRN) - Get Report .
Since going public on March 1 at $17 per share, Snap has slipped, trading on Friday, Sept. 1, at $14.27 per share, 48% off its high. Blue Apron, meanwhile, has dropped 52% since its June 28 IPO at $10, trading Friday at $5.22.
Roku is the current leader in the streaming television arena, with a 27% market share and 15.1 million users that stream 11.9 billion hours of content in the last 12 months. However, the market is crowded with competitors like Amazon's (AMZN) - Get Report Fire, Apple's (AAPL) - Get Report Apple TV and Alphabet Inc.'s (GOOGL) - Get Report Chromecast. Additionally, TV brands like LG Electronics Inc., Samsung Electronics Co. and VIZIO Inc. offer streaming solutions built into their televisions, as do Microsoft's Xbox and Sony's PlayStation.
For the six months ended June 30, 2017, Roku has grown its revenue 23% of $199.7 million, compared to $162.3 million during the same six months of 2016. However, it's yet to post a profit. Roku had a net loss of $24.1 million during the first six months of the year, compared to a net loss of $33.2 million in 2016.
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