HomeBroadcastFuboTV Plans To Raise $218 Million In IPO

FuboTV Plans To Raise $218 Million In IPO

FuboTV Plans To Raise $218 Million In IPO

[mkdf_dropcaps type=”normal” color=”#f55549″ background_color=””]A[/mkdf_dropcaps]n initial public offering (IPO) has been launched on the New York Stock Exchange (NYSE) by FuboTV, as they aim to raise up to $218 million.

The US based streaming service, founded in January 2015, merged with virtual entertainment company, Facebank Group, in April this year.

With Evercore ISI acting as the lead book-running manager; 15 million shares of common stock, individually valued at $12.52 and $15.30 will be included in the offer.

Investors will be given a 30-day window in which to buy an additional 2.25 million shares at the IPO price.

FuboTV anticipates that total subscriptions will rise to between 370,000 and 380,000 by the end of the year, a more than 28% increase since the last year.

The deal has arrived following the company’s year-on-year (YoY) second-quarter revenues growing by 53% ($614.7 million).

The company expects this quarter revenues to grow to between $69-75 million.

Throughout the COVID-19 pandemic however, chief executive, David Gandler, raised the subscription price, and changed the focus of the company to focus more heavily on providing entertainment and news.

The company also signed a distribution agreement to provide Disney’s news, sports and entertainment, including some ESPN channels.

Throughout the third quarter, the company would also receive $63 million from Credit Suisse, Swiss investment bank.

While the company has previously named itself an over-the-top (OTT) service, it is now considered a bona-fide technology company.

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