China’s game streaming company, DouYu International Holdings Ltd has just listed on the Nasdaq.
The Tencent Holdings-backed game streaming provider has announced that it sold $775 million in stock at a $3.73 billion valuation after pricing its U.S. initial public offering (IPO) at the bottom of an indicative rang
The IPO which was executed via American depositary shares (ADS) was sold at $11.5 each per share.
This was a major difference compared with a previously stated target of $11.50 to $14.00, the firm said in a statement. Every 10 ADSs represent one ordinary share.
DouYu has exclusive streaming rights to 29 major tournaments in China, including League of Legends, PlayerUnknown’s Battlegrounds and DOTA2, according to its IPO filing.