FaceBank Group, the parent company of sports-oriented US cord-cutting service fuboTV has launched an initial public offering (IPO) on the New York Stock Exchange (NYSE) in an attempt to raise upwards of US$150 million for the streamer.
Confirmed by a Securities and Exchange Commission (SEC) filing and a subsequent press release, the company said that it will offer 15,000,000 shares of common stock, with underwriters given a 30-day option to buy an additional 2,250,000 shares of common stock from fuboTV at the public offering price. The company said that the IPO price is expected to be between US$9-11.
Fubo previously said that it expects to reach up to 380,000 subscribers by year-end. This would represent a year-over-year increase of almost 30%.
The news comes several months after the streamer received a cash injection of US$20 million from Credit Suisse in exchange for 2.1 million shares in Fubo.
That cash injection from Credit Suisse added to a total of more than US$46 million in investment sourced by fuboTV in 2020 alone. FaceBank at the time said that the company intended to continue to raise capital to support growth strategies and fund operation – and this IPO is the latest evidence of that.
The company recently revealed a 53% increase in Q2 revenues year-over-year to US$44.2 million.