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Digital streaming business Roku has priced its IPO at $14 per share, raising close to $220 million. This values the company at about $1.3 billion.

This is good news for Roku, which had proposed a range of $12 to $14. Earlier reports suggested that the company had been targeting a $1 billion market cap. 

Roku is in the cord-cutting business. The company’s digital streaming players help people watch content without a cable subscription. Roku competes with Apple TV, Chromecast and a number of other devices.

Roku previously raised more than $200 million in capital since 2008. Menlo Ventures was the largest stakeholder prior to the IPO, owning 35.3 percent of the company. Fidelity owned 12.9 percent.

The company brought in $399 million in revenue in 2016, but lost $43 million. This compares to $320 million in revenue and $38 million in losses for 2015.

Roku is listing no the Nasdaq under the ticker “ROKU.” Morgan Stanley and Citigroup are the lead bankers for the IPO.

Featured Image: Roku

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