FuboTV kicks off IPO with eye on raising up to $165M

FuboTV
The IPO arrives after fubo adjusted its forecasts for the third quarter thanks to the return of live sports. (FuboTV)

FuboTV, a live streaming TV service, today announced the launch of its public offering of 15 million shares of common stock.

The company intends to list its common stock on the New York Stock Exchange under the ticker symbol “FUBO.” The public offering price is expected to be between $9 and $11 per share, meaning the company could raise up to $165 million.

FuboTV said that the underwriters will have a 30-day option to buy an additional 2,250,000 shares of common stock from fuboTV at the public offering price.

RELATED: FuboTV snags $20M in funding as vMVPD price war heats up

The IPO arrives after fubo adjusted its forecasts for the third quarter thanks to the return of live sports. The service now expects to end the current quarter with 370,000 to 380,000 subscribers, a 28% increase year over year and up from the 340,000-350,000 total subscriptions it previously predicted. The company is predicting revenues for the third quarter to be $50 million to $54 million, a 38% increase year over year.

“The current quarter has been very strong for fuboTV with double digit revenue and subscription growth year-over-year as well as improvement in retention - all achieved during the ongoing pandemic,” said fuboTV CEO David Gandler in a statement. “With the leading live sports package in the market, we are encouraged that the major sports leagues have found ways to navigate the pandemic. The NFL has a great example with Major League Baseball on how to handle COVID-19, and we’re excited for the season. The start of the NFL season and the expectation of a heavy fall sports calendar is driving engagement, ad revenue and higher CPMs, giving us additional confidence to forecast a strong third quarter for fuboTV. Looking ahead, we are focused on driving revenue growth by increasing subscription and ad sales and improving engagement.”

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