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Streaming provider fuboTV raises $183 million in IPO

Streaming provider fuboTV Inc sold shares in its initial public offering (IPO) at $10 apiece, within its target range, to raise $183 million.

The IPO valued fuboTV at $620.2 million. The New York-based company had aimed to sell 15 million shares at a target range of $9-$11 per share.

The IPO for fuboTV comes amid a boon in demand for streaming services from customers under lockdown looking for more at-home entertainment in the United States and around the world.

The company said its paid subscribers rose 47% year-on-year, reaching about 286,000 subscribers as of June 30 despite a stoppage in live sports events during the pandemic.

Founded in 2015, fuboTV began as a sports-focused streaming service before expanding to news and entertainment, adding channels such as ABC, Disney Channel, and FX.

Shares in fuboTV are set to begin trading on the New York Stock Exchange on Thursday under the symbol “FUBO.” The shares have been trading on over-the-counter (OTC) markets under the same symbol following the FaceBank merger.

Evercore, Oppenheimer & Co., and BMO Capital Markets are among the lead underwriters for the IPO.

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