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Tech Industry

TiVo seeks $27.3 million in share sale

TiVo announced on Thursday that it's offering 2.9 million shares to the public at $9.50 each. The San Jose, Calif.-based digital video recording (DVR) service provider hopes to raise $27.3 million, which it will use to build up cash and supplement its working capital. The company said in a release that it does not intend to use the proceeds to increase expenses or capital expenditures. In October, TiVo raised $25 million in a separate stock sale to Crosslink Capital and New Enterprises Associates, in which it sold 6.96 million shares at $3.59 per share.

TiVo's DVR service allows consumers to pause live television shows and program hard-based recorders to store future shows. Consumer electronics companies such as Pioneer Electronics, Sony Electronics and Toshiba have licensing agreements with TiVo to use its DVR service in their products.