‘Game of Thrones’ Bobble Head-Maker Funko Files for U.S. IPO By Alex Barinka
Funko Inc., which makes branded toys and accessories including bobble heads of characters from “Game of Thrones” and “Star Wars”, filed for a U.S. initial public offering.
Everett, Washington-based Funko filed Friday with an initial offering size of $100 million, a placeholder that’s used to calculate fees and is likely to change. The company plans to use the proceeds to repay debt and for general corporate purposes.
Funko has licensing agreements with companies including Walt Disney Co. and Marvel Entertainment LLC, allowing it to sell cups, keychains, lanyards and T-shirts based on popular characters such as Captain America, Darth Vader and Iron Man.
Acon Investments acquired a majority stake in Funko from Fundamental Capital in 2015 and has grown the company through acquisitions, includingbranded fashion accessories company Loungefly in May.
Funko posted net income of $26.9 million on net sales of $426.7 million in 2016.
Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of America Corp. are leading the offering. Funko plans to list shares on the Nasdaq Global Select Market under the symbol FNKO.