Foxconn-Backed TV Maker Vizio Files a Second Time for IPO

(Bloomberg) -- Smart-TV maker Vizio Holding Corp., backed by affiliates of Taiwan-based Foxconn Technology Group, has filed again to go public, this time with a growing entertainment platform.

Vizio in its filing Monday listed the size of the offering as $100 million, a placeholder that will change. The number and proposed price for the shares to be offered by the company and selling stockholders will be disclosed in a filing later.

Vizio filed to go public in 2015 but withdrew that plan the following year after reaching an agreement to sell the company for $2 billion. Vizio terminated that deal with an affiliate of China-based Leshi Internet Information & Technology Corp. in 2017.

The Irvine, California-based company said it shipped 7.1 million smart TVs in 2020, a 20% increase over the previous year. Its devices are sold online, including at Amazon.com, and in stores such as Best Buy, Costco, Sam's Club, Target and Walmart.

Vizio's Platform+ service is comprised of its SmartCast operating system and Inscape, which powers its data intelligence and services. It supports streaming apps and home smart speakers.

The company had net income of $102 million on revenue of more than $2 billion last year, compared with $23 million in income on revenue of almost $1.8 billion in 2019, according to its filing. Only $147 million of the 2020 revenue came from its entertainment platform, with the rest from device sales, the company said. Still, that compared with $63 million in platform revenue in 2019.

After the IPO, founder and Chief Executive Officer William Wang will continue to control the company, Vizio said. More than 25% of Vizio's Class A shares are currently held by Foxconn affiliates, according to the filing.

The offering is being led by JPMorgan Chase & Co. and Bank of America Corp. Vizio plans for its shares to trade on the New York Stock Exchange under the symbol VZIO.

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