DouYu International Prices U.S IPO at Bottom End of Range
July 16 2019 - 11:44PM
Dow Jones News
By P.R. Venkat
DouYu International Holdings Ltd. (DOYU), a company backed by
Chinese tech giant Tencent Holdings Ltd. (0700.HK) has raised $775
million after pricing its U.S. initial public offering at the lower
end of the price range.
The game-centric live streaming platform company sold 67.39
million shares at $11.50 a piece, a statement from the company said
Wednesday.
This is at the bottom end of the price range of $11.50-$14.00.
The American Depository Shares will start trading on the Nasdaq on
Wednesday.
Headquartered in Wuhan, China, the company operates its platform
on both PC and mobile apps that provides interactive games and
entertainment live streaming.
Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, BofA
Securities, Inc. and CMB International Capital Ltd. are advising
the company on the IPO.
Tencent, which is world's largest videogame company by revenue,
made an investment in Douyu last year.
DouYu will be the second Chinese company to list on the Nasdaq
since May, after coffee chain company Luckin Coffee Inc. raised
$561 million in the U.S. IPO.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
July 16, 2019 23:29 ET (03:29 GMT)
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