Roku, the Internet television company, has employed investment banks to guide an initial public proposal. This proposal could roll out later this year as it plans for an evaluation of over $1 Billion, sources having a deep knowledge of this matter said to the media in a statement.

Roku invented one of the first gadgets to provide Netflix (streaming Internet content) over TVs, but the market has from that time turned out to be more competitive, with Alphabet Inc.’s Google, Apple Inc., Inc., and others providing their own gadgets.

The California-based Roku, which in 2014 had made a confidential filing, is sketching a fresh registration document to justify the move in its venture model towards superior-margin licensing and advertising revenue, one of the sources having a deep knowledge of this matter said to the media in a statement.

Roku Appoints Banks For 2017 IPO

It has also employed Morgan Stanley, a new adviser, to head the IPO, coupled with Citigroup Inc. The sources gave this information requesting to be unnamed since this process is off the record.

Roku, Morgan Stanley, and Citi refused to comment. The Wall Street Journal first posted that Roku had employed underwriters last week.

The company claimed earlier this year in February that it made $400 Million in income last year, with $100 Million in its licensing and media division.

The platform of Roku has been defenseless against its rivals carrying more TV apps, including Hulu, Amazon Prime Video, and Google Play. Apple TV lately declared plans to back Amazon Prime Video.

The firm has been battling a lawful ban in the Mexico, where cable operators are making an attempt to end the distribution and import of Roku gadgets. This will be done on the basis that they are most of the times hacked in order to view pirated channels.

Roku has been proving paid ad options for its associates and receives a part of ad income from media firms with their apps on its platform.

It also permits its software to firms such as Hitachi and Sharp, enabling them to make TVs with inbuilt streaming of Roku, claimed sources to the media in a statement.

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