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 email@example.com
(END) Dow Jones Newswires
July 16, 2019 23:29 ET (03:29 GMT)
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