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Live Streaming Platform FUBOTV Raised $183 Million US IPO

Esther Thin

FuboTV Inc’s share price rose 1.36% on its first day of trading on October 8, 2020 and closed at $10.40, giving the company a market cap of approximately $513 million.

A live TV streaming platform raised $183 million by offering 18.3 million ADSs at $10, within the proposed range of $9 to $11.

The company changed their name from “FaceBank Group, Inc.” to “fuboTV Inc.”

The company has approximately 316,000 paid subscribers as of December 31, 2019 and their user streamed 299 million hours on their platform which has an increase of 210% over 2018.

The New York, New York-based company was founded in 2009 and booked $169 million in revenue for the 12 months ended March 31, 2020. It plans to list on the NYSE under the symbol “FUBO.” Evercore ISI, BMO Capital Markets, Needham & Co., Oppenheimer & Co., Roth Capital, and Wedbush Securities are underwriters of the IPO.

The company engages Anthony L.G., PLLC as US Securities Counsel, and L J Soldinger Associates, LLC as Independent Auditor.

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