Updated October 16, 2017: Funko has filed registration paperwork for a proposed initial public offering (IPO) of Class A common stock to be traded on the NASDAQ Exchange. Although a share price and the number of shares to be offered has not been announced, the company has reserved the ticker symbol FNKO.
For this, Funko has enlisted Goldman Sachs & Co LLC, J.P. Morgan, and BofA Merril Lynch as lead book-running managers and representatives of the underwriters.
Original Story: Licensed toy manufacturer Funko is positioning itself for a possible stock offering or sale, according to CEO Brian Mariotti in an interview with the Seattle Times. Citing $274 million in 2015 sales an an expected $425m for 2016, the Everett, Washington-based company forsees big changes for itself in 2017.
“As the revenues continue to grow, we’re doing everything we can to prepare ourselves to potentially entertain going public. We want to make sure we’re ready by next year," said Mariotti. "[But we're keeping all paths open to what our future is, whether it’s becoming a public company or finding a strategic partner that might want to acquire us.”
Founded in 1998 by Mike Becker, Funko has hasd exponential growth since being taken over by Mariotti with vendors including Walmart, Target, Gamestop, and Hot Topic, as well as a subscription box program with an estimated 200,000 subscribers. The company recently entered into a partnership with Marvel, whom is one of its most popular licensors, for a series of animated shorts.