October 8, 2020
(Reuters) – Shares of fuboTV Inc jumped 10% in their market debut on Thursday, after the streaming provider raised $183 million in its upsized initial public offering.
Stock opened at $11 per share on the New York Stock Exchange, compared to the IPO price of $10 per share.
At the debut price, fuboTV was valued at $684.3 million.
The company sold 18.3 million shares in its offering, up from its aim of selling 15 million shares between $9 and $11 apiece.
The company’s IPO comes at a time when customers under lockdown looking for more at-home entertainment have boosted demand for streaming services.
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.
In March, fuboTV announced that it would merge with virtual entertainment firm FaceBank Group Inc, in a deal that valued fuboTV at $700 million. (https://reut.rs/33GrJOp)
Shares of fuboTV have been trading on over-the-counter (OTC) markets following the FaceBank merger.
Evercore, BMO Capital Markets, Needham & Co, Oppenheimer & Co, Roth Capital Partners and Wedbush are the underwriters for the offering.
(Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber)
