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Streaming service fuboTV provided details of its previously announced initial public offering on Thursday, saying it would sell 15 million shares for between $9 and $11 each. That means the IPO could raise as much as $165 million.
The company plans to list its common stock on the New York Stock Exchange under ticker symbol FUBO.
In September, fuboTV projected third-quarter revenue of $50 million-$54 million, which would mean a 27 percent-38 percent increase year-over-year, with its subscriber count to reach 370,000-380,000. It noted that would be “an increase of over 28 percent year-over-year and up from 20 percent growth previously forecast.”
The expected strong performance is “the result of a heavy fall sports calendar, including NFL and college football,” the company said. fuboTV says it offers more than 50,000 live sporting events each year.
Evercore ISI is acting as the lead book-running manager for the planned IPO. BMO Capital Markets, Needham & Co. and Oppenheimer & Co. are acting as additional joint bookrunners, while Roth Capital Partners and Wedbush Securities are serving as co-managers.
FuboTV recently struck a deal with ESPN for its sports-focused package offerings, along with a number of other Disney entertainment channels.
The company, led by CEO David Gandler, this year merged with technology firm Facebank Group and named Edgar Bronfman Jr. executive chairman. It had ended 2019 with 316,000 paid subscribers, up from 229,000 in the previous year. Its 2019 revenue rose 96 percent to $146.5 million.
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