Roku's IPO pushes its value to over $2 billion

 

Brendan McDermid / Reuters

When Roku announced it was chasing an IPO, its sights were to raise $100 million. The end result is more than double that, according to Bloomberg. As of press time, investors had bought some $219 million in stock and the company has been valued at $2.1 billion. What's the streaming outfit planning to do with all that cash? Probably wrangle together more ad-supported programming.

"Our business model has really transitioned from hardware to our platform businesses, which is selling advertisements and distributing [shows and movies]," CEO Anthony Wood told Bloomberg. "The fastest-growing category on Roku is ad-supported [programming]." Sounds like you'll have more ad-supported free channels coming your way.

Source: Bloomberg