Roku shares jump 68% on market debut

Roku’s trading debut, last Thursday, has catapulted the company among the biggest gainers for newly listed technology and communications stocks, according to Bloomberg.

The shares on the first day closed at USD 23.50, representing a 68% increase compared to the initial public offering price of USD 14. Roku raised about USD220 million from the offering of 15.7 million shares. This values the company at about USD 1.3 billion.

This way, the company surpassed MuleSoft’s as top first-day climber of 2017 for a U.S.-listed tech company with an IPO bigger than USD 50 million, Bloomberg reported.

Roku’s first-day success reveals that investor consider that the company is viable and can compete with streaming giants like Amazon, Apple and Google. As of June 30, Roku had 15 million monthly active users across its platform.