The pandemic has lifted sales of consumer electronics such as televisions.
DreamstimeVizio Holdings, a maker of smart TVs, has filed to go public again.
Vizio is looking to raise $100 million, a prospectus said, without disclosing how many shares it would sell or their price range. That information will come in future filings, as will an updated figure for the amount to be raised. The $100 million is considered a placeholder.
The company is expected to trade on the New York Stock Exchange under the symbol VZIO. JP Morgan and BofA Securities are underwriters on the deal.
Vizio has sold 82.2 million televisions and 11.8 million sound bars since its founding in 2002, the prospectus said. Its products are sold online and in bricks-and-mortar stores by retailers including Amazon.com (AMZN), Best Buy (BBY), Costco (COST), Sam’s Club, Target (TGT), and Walmart (WMT). The company’s SmartCast platform lets users stream programs from services such as Hulu, Netflix and Amazon Prime on the TVs.
The Covid-19 pandemic, which forced people to stay at home in 2020, helped increase demand for Vizio products, while stimulus checks from the government gave many people cash they could use to upgrade their TVs. The company faced inventory shortages as the virus limited supplies, which cut into its sales over the summer, the prospectus said.
Net income jumped to $102.5 million for 2020 from $23.1 million for 2019. Revenue rose 11% to $2 billion. It had 527 full-time employees.
This is the second time Vizio has sought to go public. In 2015, the company filed for an IPO which never came to fruition. Vizio also pulled plans in 2017 for a $2 billion sale to LeEco, a Chinese technology company, the Los Angeles Times said.
Write to Luisa Beltran at luisa.beltran@dowjones.com
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