Shares’ prices of fuboTV Inc., the American streaming service provider primarily focused on channels that mete out live sports such as NBA, NFL, MLS, MLB and international soccer, surged as much as 10 per cent at their NYSE debut on Thursday.
Besides, the New York City-based streaming service provider had raised a stark upsum of $183 billion on its oversized IPO a day earlier. In tandem, at its debut in the New York Stock Exchange, fuboTV Inc. shares opened the day at $11 apiece, up from its IPO price of $10 a share that valued the company at $684.3 million at NYSE debut, marking up an upscaled appetite for new stocks among the US investors amidst a cachexic IPO season largely dominated by pharmaceuticals and insurance companies.
In tandem, according to US Securities and Exchange Commission (SEC), the streaming service provider had sold off 18.3 million shares in its Initial Public Offering, up from an initial target of distributing around 15 million shares at a target range between $9 and $11 apiece.
fuboTV Inc. shares jump in NYSE debut as lockdown boosts streaming demands
More importantly, the fuboTV Inc.’s public market debut came forth at a new-normal pandemic era when tens of millions of consumers across the globe has been looking to at-home entertainment which in effect had buoyed up demands of streaming services like of fuboTV Inc.
Besides, the half a decade old streaming service start-up fuboTV Inc. had begun its voyage as a sports-focused streaming service back in the 2015s, however, later the streaming service provider had added high-value channels likes of ABC, Disney Channel and FX.
Notably, latest IPO of fuboTV Inc. came forth months after it had merged with a virtual entertainment firm FaceBank Group Inc. in a deal that valued the streaming service provider at $700 million earlier this year. Nonetheless, followed by its merger with FaceBank Group Inc., shares of fuboTV had been trading in the OTC (Over-the-Counter) markets.