Vizio, a low-cost manufacturer of TVs and sound bars, refiled on Monday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $200 million. The company had previously filed to raise $173 million in 2015 before opting for a $2 billion acquisition by Chinese conglomerate LeEco. LeEco ultimately ended up abandoning the acquisition in 2017 due to Chinese regulatory issues.
Vizio currently produces and sells a broad portfolio of Smart TVs and sound bars, as well as a proprietary Smart TV operating system called SmartCast, which enhances the functionality and monetization the company's devices. As of December 1, 2020, Vizio had sold approximately 82 million televisions and 12 million sound bars over its lifetime. According to OMDIA, VIZIO was #2 in television market share in North America on a unit shipment basis for the January 2018 to December 2020 combined period. In addition, according to The NPD Group Retail Tracking Service, VIZIO was the #1 sound bar brand in America on a unit sales basis for the same period.
The Irvine, CA-based company was founded in 2002 and booked $2.0 billion in sales for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol VZIO. Vizio filed confidentially on December 14, 2020. J.P. Morgan, BofA Securities, Wells Fargo Securities, and Guggenheim Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
