Smart TV maker Vizio Holding Corp., backed by subsidiaries of Taiwan-based Foxconn Technology Group, has again filed for an IPO, this time with a growing entertainment platform.
Vizio stated the size of the offer at $ 100 million in its filing on Monday, a placeholder that will change. The number and the proposed price for the shares offered by the company and the selling shareholders will be announced later in a filing.
For the recording:
11:56 am, March 15, 2021An earlier version of this article stated that Vizio lost $ 102 million in the past year. In fact, the company had net income of $ 102 million.
Vizio went public in 2015 but withdrew that plan the following year after reaching an agreement to sell the company for $ 2 billion. Vizio has this contract with a subsidiary of China-based Leshi Internet Information & Technology Corp. terminated in 2017.
The Irvine-based company said it shipped 7.1 million smart TVs in 2020, a 20% increase over the previous year. The 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 consists of the SmartCast operating system and Inscape, which supports its data intelligence and services. It supports streaming apps and home smart speakers.
The company had net profits of $ 102 million on sales of more than $ 2 billion last year, compared to $ 23 million on 2019 sales of nearly $ 1.8 billion. Only $ 147 million of 2020 revenue came from the entertainment platform, with the remainder from device sales. This corresponds to platform revenue of $ 63 million in 2019.
After the IPO, the founder and CEO William Wang will continue to control the company, said Vizio. More than 25% of Vizio’s Class A shares are held by Foxconn subsidiaries, according to filing.
The offering is being sponsored by JPMorgan Chase & Co. and Bank of America Corp. directed. Vizio plans to trade its shares on the New York Stock Exchange under the symbol VZIO.
Bloomberg writer Crystal Tse contributed to this report.