Roku seeking IPO of $100M

Video streaming player pioneer Roku is going public, hoping to raise money to expand into more households and fend off competitive threats from bigger technology companies. The move makes Roku the most recent major tech company to go public after Snap Inc.in January.

The Los Gatos, CA-based company was founded in 2002 and booked $436 million in sales for the 12 months ended June 30, 2017.

Roku's platform revenue and profit are growing more quickly than hardware, according to details released today in the streaming company's S-1.

Roku said in a filing with the US Securities and Exchange Commission that it meant to be traded as ROKU, but did not set a share price.

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In July, reports suggested that Roku was planning for an IPO in 2017.

"Our mission is to be the TV streaming platform that connects the entire TV ecosystem", Roku founder and chief executive Anthony Wood said in a letter included in the filing. Critically, Roku points out that 2.9 billion of those hours was programming supported by advertisers. Roku ranks first in terms of total hours streamed, which is in part thanks to its cheap streaming sticks.

Roku notes that it's looking to grow with the cord-cutting trend as a whole, as it doesn't act as a streaming service itself and therefore doesn't compete with others.

Even though it's much smaller, Roku has emerged as the US market leader in streaming players, with a 37 percent share during the first three months of this year, according to the market research firm Park Associates. Current investors will get a new class stock that gives them 10 votes per share.