Roku S-1 amended - $14.00/share

So Roku amended their S-1 form.

It seems that they'll do 6:1 stock merge. Below are the cap tables before/after:

Cap table in the original S-1 form

Cap table in the amended S-1 form

The company has set the maximum share price to be $14.00, seeking to raise a maximum of about $252M. Part of the raise would be buying old shares provided by the current investors.

If we take total Class A and Class B shares to be outstanding after the offering, the market cap they're seeking at IPO would be:

94,748,495 X $14.00 = $1.33B

It's not glamorous but still a unicorn market cap. It's a bit lower than I had expected, which was north of $2B. But maybe the founders, shareholders and investment banks (led by Morgan Stanley) don't want to repeat the disappointing (and law-suit-fraught) IPOs of Snap Inc. and Blue Apron this year and deliberately priced it lower. We might eventually see Roku's market cap rise above $2B.

And the largest VC shareholder Menlo Ventures would be looking at a combination of cash/paper value for their shares valued at:

30,288,668 X $14.00 = $424M

Not sure how much money they put in as I don't have the time to work out the maths based on S-1 form's spotty data. But I don't think it'd be more than $50M and it could very well be only $20M as they got in very early and led the early rounds. In any case this investment is probably anywhere from 20X to 8X to them.

Not too shabby.

Why founders should care about current IPOs

Last question to ask/answer at a startup pitch contest