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Roku IPO: Shares jump 68% as investors bet the firm can fend off Amazon, Apple and Google

Roku IPO: Shares jump 68% as investors bet the firm can fend off Amazon, Apple and Google

Investors brushed aside concerns about Roku’s stiff competition in the video streaming business, sending the company’s shares up 68% on its stock market debut Thursday.

Roku stock closed at $23.50 after pricing its 18 million shares at $14 apiece, which was at the high end of its expected range.

The enthusiastic response to Roku’s $252-million initial public offering comes despite concerns the Los Gatos, Calif., company is up against the world’s biggest technology giants, namely Amazon, Apple and Google.

All three of them offer streaming video boxes featuring the most popular apps, such as Netflix and Hulu, to the growing number of cord cutters .

Moreover, Amazon...

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