Vizio, a low-cost maker of smart TVs and sound bars, raised $257 million by offering 12.3 million shares (38% secondary) at $21, the low end of the range of $21 to $23. The selling shareholders offered 2.9 million fewer shares than anticipated.
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.
Vizio plans to list on the NYSE under the symbol VZIO. J.P. Morgan, BofA Securities, Wells Fargo Securities and Guggenheim Securities acted as lead managers on the deal.
