One of the top streaming device companies, Roku, filed for a public offering on Friday, looking to raise up to $100 million.
The stock will list on the Nasdaq under the symbol "ROKU."
Roku has benefited from the explosive popularity of over-the-top TV platforms like Netflix: These services reach 54 percent of American homes with WiFi, Roku's filing said, citing ComScore. Roku has 15.1 million active accounts, the IPO fillings said, and has grown from less than a billion annual streaming hours in 2012 to 9.4 billion last year.
"We believe all TV content will be available through streaming," the company said.
But Roku is losing money, amid swelling expenses on staff for research and marketing.
Here are some key figures from the filing:
- $398.6 million revenue in the 2016 fiscal year, up 25 percent from 2015.
- Net loss of $42.8 million in 2016
- 74% of revenue came from selling player devices in 2016.
- Roku's main manufacturers are Foxconn and Lite-On
The company is backed by Twenty-First Century Fox, Fidelity, and Menlo Ventures, which are the major shareholders that will get cash from the IPO. The IPO will be underwritten by Morgan Stanley, Citigroup, Allen & Company, RBC Capital Markets, Needham & Company and William Blair.