Roku has raised $219 million (€186m) in an initial public offering priced at the higher end of its expected range, the company said. The offering of 15.7 million shares was priced at $14, valuing Roku at $1.32 billion.

As well as providing set tops the company licenses its software to companies such as Sharp and Hitachi and gets a cut of the advertising revenue from media companies with apps on its platform. In six months ended June 30th, Roku had around 15 million active accounts, with around 6.74 billion hours of content streamed, the company told the US Securities and Exchange Commission.

But the sales haven’t translated to profits as the company pumps in cash into marketing and R&D. In the quarter ended June 30th, the company posted a net loss of $15.5 million, bigger than $14.1 million loss in the year-ago quarter

Roku’s principal shareholders include Menlo Ventures, Fidelity and Twenty-First Century Fox. It sold 9 million Class A common shares in the offering, with shareholders selling an additional 6.7 million shares.

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