IPO News This Week: Roku Files for $100 Million Offering

Investing

Published: September 3, 2017 9:14 am

Last Updated: January 12, 2020 8:33 am

There were no initial public offerings (IPOs) on the calendar last week and there are none on the calendar for this week. This is the normal summertime hiatus and we don’t expect any pickup until the first full week after the Labor Day holiday.

Through the week ending September 1, IPO ETF manager Renaissance Capital reported that 92 IPOs have priced in the U.S. so far this year, up nearly 56% year over year. Total proceeds raised through last week equaled $22.2 billion, up 136% year over year.

For 2016, Renaissance Capital reported a total of 105 IPOs, down 38% year over year from 170 in 2015. Total 2016 proceeds amounted to $18.8 billion compared with a 2015 total of $30 billion. Renaissance Capital does not include “best efforts” or blank-check companies in its totals, nor does it include IPOs that raise less than $10 million.

Nine companies filed for IPOs last week, including NuCana ($150 million), Deciphera Pharmaceuticals ($100 million), RYB Education ($100 million), Nightstar Therapeutics ($86 million), Sol-Gel Technologies ($86 million), Restoration Robotics ($29 million), RumbleOn ($25 million), and Ambow Education Holdings ($5 million).

In addition, streaming video device maker Roku file on Friday for a $100 million IPO. The company introduced its first set-top box in mid-2008, less than a year after the iPhone debuted. The device was developed by Netflix Inc. (NASDAQ: NFLX), but the company decided to spin-off the box, afraid that makers of other streaming devices would block Netflix. Roku’s first streaming device was introduced in 2010 and the company claims 15 million monthly active U.S. users as of June 2017.

Competition in the low-end of the market from Alphabet Inc.’s (NASDAQ: GOOGL) Chromecast and Amazon.com Inc.’s (NASDAQ: AMZN) Fire TV have cut into the company’s share of the device market. The good news is that it’s services businesses is growing rapidly, but neither Netflix nor Alphabet’s YouTube, the two most popular services on its devices, contributes any significant revenues to Roku’s business.

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We’ll have more information on these companies when their IPOs hit the calendar.

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