Television-Maker Vizio Files For IPO
Vizio Inc., maker of cheap TV sets and other electronics, filed a prospectus Friday with U.S. regulators to raise up to $172.5 million in an initial public offering of Class A common stock.
BofA Merrill Lynch, Deutsche Bank Securities and Citigroup were listed as underwriters for the offering. The firm did not disclose in the documents how many shares would be made available or which market it would list on.
Vizio, which was founded in 2002, has made a name for itself selling inexpensive consumer electronics, including smart televisions and home audio products. In its prospectus Vizio boasted that it has sold over 65 million consumer electronics products and has streamed over three billion hours of entertainment content through its devices.
In its S-1 filing, Vizio went on to further list its financials and position in the industry:
Our products are sold in over 8,000 retail stores across the United States. We held the #1 unit share position in the U.S. sound bar industry(1) and the #2 unit share position in the U.S. Smart high definition, or HDTV, industry in 2014.(2) For the years ended December 31, 2013 and 2014 and the six months ended June 30, 2015, we generated net sales of $3.0 billion, $3.1 billion and $1.3 billion and reported net income of $25.7 million, $45.0 million and $31.4 million, respectively. Substantially all of these amounts were generated from the sale of televisions and sound bars.
The Irvine, Calif. company says it will list its Class A common stock under the ticker “VZIO.”
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