Roku Inc. jumped more than 30% in the first few minutes of trading after its initial public offering Thursday, adding to an initial $1.3 billion valuation. The company, which makes devices that allow consumers to stream media to their televisions, priced its IPO at $14 a share Wednesday evening. Shares began trading Thursday morning on the Nasdaq at $15.78, 12.7% higher than the IPO price, then quickly jumped as high as $18.28. Roku raised $219 million in the IPO, with the company getting $126 million and selling stockholders Menlo Ventures and Sky Ventures Ltd. taking the rest.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News