Vizio, a low-cost maker of smart TVs and sound bars, announced terms for its IPO on Tuesday.
The Irvine, CA-based company plans to raise $333 million by offering 15.1 million shares (50% insider) at a price range of $21 to $23. At the midpoint of the proposed range, Vizio would command a fully diluted market value of $4.5 billion.
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.
Vizio 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. J.P. Morgan, BofA Securities, Wells Fargo Securities and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of March 22, 2021.
