Roku Inc. opened it’s IPO today, trading up as much as 65% to add to the streaming device company’s initial $1.3 billion valuation.
The initial public offering priced at $14 a share. When the stock began trading on the Nasdaq exchange at 10:40 a.m. ET at today it started at $15.78, 12.7% above its IPO price. Roku shot to $23.06 before tailing back and leveling off around $20.75.
Roku was the Nasdaq’s most actively traded, topping million shares in afternoon trade.
Roku ROKU, +51.79% raised $219 million in the IPO. Of that $219 million, the company will receive roughly $126 million while selling stockholders Sky Ventures Ltd. and Menlo Ventures will divvy up the remaining $93 million.
Underwriters have access to 2.35 million more shares.