2015 launched sports focused streaming provider Fubo TV Inc. (FUBO) made its initial public offering debut fetching a total of $183 million from the IPO held on October 7. The company sold its share at $10 per share in the IPO.
Shares of the company will start trading on the New York Stock Exchange under the ticker symbol ‘FUBO’.
The IPO price was in line with the earlier offered price range of $9-$11 per share by the New York based company. The company was aiming to sell 15 million shares in the IPO which leaves it with a market valuation of $620.2 million.
Following lockdowns and stay at home restrictions due to the pandemic demand of streaming services in the United States and across the world has been on the rise.
The company says its subscribers increased by 47% year on year reaching around 286,000 subscribers as of June 30. What puzzles many is that around that time many sporting activities had been put on a temporary halt but the sports focused provider was recording new subscribers.
Back in March Fubo announced it had agreed to merge with FaceBank Group Inc. (FBNK) a virtue entertainment company a deal which would have given Fubo a valuation $700 million.