Vizio Inc., a maker of inexpensive televisions, is interviewing banks for an initial public offering, people with knowledge of the matter said.
The Irvine, California-based company invited a number of banks to pitch for the deal, which may take place this year, said the people, who asked not to be identified because the information is private.
The company, founded by William Wang as V Inc. in 2002, is known for its low retail prices on televisions and has delved into other areas of consumer electronics such as computers, smartphones and tablets. Its products, which are designed in the U.S. and manufactured abroad, are sold by retailers such as Amazon.com Inc., Best Buy Co. and Target Corp.
Representatives for Vizio didn’t respond to phone and e-mail requests for comment.
Vizio has more than $1 billion in revenue, one of the people said, a threshold that precludes it from filing confidentially under the Jumpstart Our Business Startups Act. The company is also profitable, the person said.
GoPro Inc., which makes cameras used by adventure-seekers, raised $491 million in a July IPO. Fitbit Inc., a maker of fitness-tracking wristbands, filed for an IPO this month.
While Vizio would join them and other consumer-electronics companies that have pursued IPOs in the past year, its plans converge with a slumping television market. U.S. sales of TV sets and displays are projected to drop 2 percent this year to $18.3 billion, according to research by the Consumer Electronics Association.