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Streaming Television Upstart Roku Files for $100 Million IPO

Roku, the maker of a streaming devices and software, filed for an initial public offering on Friday. The company, which has benefited from a growing number of cord-cutting cable subscribers ditching pay television in lieu of “over-the-top” streaming services, wants to raise $100 million, according to U.S. Securities and Exchange Commission documents.

The filing comes just seven weeks since a Wall Street Journal report suggested Roku wanted to bring itself to market by the end of the year. The stock will list on the Nasdaq under the symbol ROKU.

Roku, whose investors include Rupert Murdoch’s 21st Century Fox (FOX) and Sky, Hearst, Menlo Ventures, Globescan Capital, and Fidelity (FNFV), reported $398.6 million in revenue in 2016, a 25% increase from the previous year, according to the filing.

Founded by Anthony Wood, the company is highly reliant on selling its player devices—74% of revenue came from hardware sales. And despite growing revenue—and besting entrenched tech companies like Apple and Google—Roku still lost nearly $43 million in 2016.

Roku considered filing an IPO in 2014. The company, which at the time was in the process of diversifying its business beyond hardware and into software, decided to wait.