Roku, the digital streaming business, is looking to raise about $204 million when it goes public later this month. According to a 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 over $200 million in equity funding dating back to 2008. Menlo Ventures is the largest stakeholder owning 35.3% of the company prior to the offering, and Fidelity owned 12.9%. Menlo Ventures will be selling 6 million shares.
Roku has digital streaming players which 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.