Erik Gruenwedel
October 1, 2020
Live sports streaming video platform Fubo TV Oct. 1 announced the launch of its initial public offering (IPO) of 15 million shares of common stock valued upwards of $165 million, or $9 to $11 per share.
The underwriters will have a 30-day option to buy an additional 2.25 million shares of common stock from fuboTV at the public offering price. Fubo TV intends to list its common stock on the New York Stock Exchange (NYSE) under the ticker symbol “FUBO.”
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The SVOD service is hoping to capitalize on the home-bound consumer looking to be entertained during the coronavirus pandemic. At the end of 2019, Fubo TV had 316,000 subscribers, with ad-revenue up 201%. It posted a $246.9 million loss on revenue of $150.8 million. Through March 31, 2020, losses totaled $62.7 million on revenue of $58.3 million.
Roth Capital Partners and Wedbush Securities are acting as co-managers for the proposed offering.
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