[ad_1]
After traversing through some rough roads over the last few years, the smart-TV maker Vizio will be going ahead with a $100 million public offering.
Vizio Holding Corp, the smart tv-maker backed by the Taiwan-based tech giant Foxconn, has submitted a fresh IPO application. With its increasing market share in the entertainment industry, the smart-tv maker is looking to raise funds from the public.
The size of Vizio’s IPO offering is currently pegged at $100 million. However, the company hasn’t yet disclosed the total number of shares and the proposed filing of each share. Vixion said that it will provide all the details in the final filing. The company plans to trade its shares on the New York Stock Exchange (NYSE) under the ticker VZIO. Bofa Securities and JPMorgan will be the lead book-keeping managers for the offering.
Previously, Vizio had decided to go public five years back in 2015. However, it later decided to withdraw the plan the next year after reaching an agreement to sell the company for $2 billion. Later in 2017, Vizio also terminated the deal with an affiliate of China-based Leshi Internet Information & Technology Corp.
Vizio saw a major boost in its business last year in 2020. In 2020 alone, the company shipped over 7 million smart TVs, a 20% surge over the previous year. The company sells its TVs on some of the popular online destinations like Amazon. Besides, it also sells them in stores like Costco, Best Buy, Target, Sam’s Club, and Walmart.
Vizio Sales and Revenue Numbers Ahead of Planned IPO
As Bloomberg reports, Vizion lost $102 million on total revenue of more than $2 billion as per its latest filing with the SEC. Also, $147 million worth of revenue came alone from the entertainment. Vizio’s Platform + service consists of its SmartCast operating systems along with Inscape. Inscape helps to power the data intelligence and services for Vizio.
After the Initial Public Offering (IPO), William Wang – the founder and Chief Executive Officer (CEO) of Vizio – will continue to lead the company. As per the SEC filing, Foxconn affiliates hold more than 75% of the Class A shares of Vizio.
According to Yahoo Finance, Wells Fargo Securities and Guggenheim Securities will also act as book-running managers for the proposed offering. Needham & Company and Piper Sandler will act as joint lead managers, and Roth Capital Partners will act as co-manager for the proposed offering.
next
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
[ad_2]
Source link
