Irvine TV Maker Vizio Tries Again for IPO
Tuesday, March 02, 2021
Smart-TV maker Vizio Holding Corp., backed by affiliates of Taiwan-based Foxconn Technology Group, has filed again to go public, this time with a growing entertainment platform.
Vizio in its filing Monday listed the size of the offering as $100 million, a placeholder that will change. The number and proposed price for the shares to be offered by the company and selling stockholders will be disclosed in a filing later.
Vizio filed to go public in 2015 but withdrew that plan the following year after reaching an agreement to sell the company for $2 billion. Vizio terminated that deal with an affiliate of China-based Leshi Internet Information & Technology Corp. in 2017.
The Irvine company said it shipped 7.1 million smart TVs in 2020, a 20% increase over the previous year. Its devices are sold online, including at Amazon.com, and in stores such as Best Buy, Costco, Sam’s Club, Target and Walmart.
Vizio’s Platform+ service is composed of its SmartCast operating system and Inscape, which powers its data intelligence and services. It supports streaming apps and home smart speakers.
The company lost $102 million on revenue of more than $2 billion last year, according to its filing. Only $147 million of that revenue came from its entertainment platform, with the rest from device sales, the company said. Still, that compared with $36 million in platform revenue in 2018.
After the IPO, founder and Chief Executive William Wang will continue to control the company, Vizio said. More than 25% of Vizio’s Class A shares are held by Foxconn affiliates, according to the filing.
The offering is being led by JPMorgan Chase & Co. and Bank of America Corp. Vizio plans for its shares to trade on the New York Stock Exchange under the symbol VZIO.
Category: Economic News, Business News