Roku Inc. shares
jumped more than 65% Thursday on their first day of trade after the company’s initial public offering, adding to an initial $1.3 billion valuation. The company, which makes devices that allow consumers to stream media to their televisions, priced its IPO at $14 a share Wednesday evening. Shares began trading Thursday morning on the Nasdaq at $15.78, 12.7% higher than the IPO price, then moved as high as $23.06 in afternoon trade. Roku raised $219 million in the IPO, with the company getting $126 million and selling stockholders Menlo Ventures and Sky Ventures Ltd. taking the rest. Underwriters have access to 2.35 million more shares, which would be split between the company and selling stockholders if they are sold.
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Roku’s stock rockets in its Nasdaq debut