M17 Entertainment Limited Announces Pricing of Initial Public Offering
June 07 2018 - 6:00AM
Business Wire
M17 Entertainment Limited (“M17 Entertainment” or the “Company”)
(NYSE: YQ), operator of the largest live streaming platform for
Developed Asia, which includes the markets of Taiwan, Japan, South
Korea, Singapore and Hong Kong, today announced the pricing of its
initial public offering of 7,511,000 American depositary shares
(“ADSs”) at a price of US$8.00 per ADS for a total offering size of
approximately US$60.1 million, assuming the underwriters do not
exercise their option to purchase additional ADSs. Each ADS
represents eight Class A ordinary shares of the Company. The ADSs
will begin trading on the New York Stock Exchange on June 7, 2018
under the ticker symbol “YQ.”
The Company has granted the underwriters an option, exercisable
within 30 days from the date of the final prospectus, to purchase
up to an additional 1,126,650 ADSs from the Company at the initial
public offering price less underwriting discounts and
commissions.
Citigroup Global Markets Inc. and Deutsche Bank Securities Inc.
are acting as joint bookrunners for the offering, and Daiwa Capital
Markets America Inc. and Mizuho Securities USA LLC are acting as
co-managers.
M17 Entertainment’s registration statement relating to the
offering has been filed with, and declared effective by, the United
States Securities and Exchange Commission (“SEC”). This press
release does not constitute an offer to sell or a solicitation of
an offer to buy the securities described herein, nor shall there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
The offering of the securities is made only by means of a
prospectus forming a part of the effective registration statement.
A copy of the prospectus relating to the offering may be obtained
by contacting Citigroup Global Markets Inc., c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
United States, telephone: +1-800-831-9146; Deutsche Bank Securities
Inc. at 60 Wall Street, New York, New York, by emailing the
Prospectus Group at prospectus.cpdg@db.com.
About M17 Entertainment Limited
M17 Entertainment Limited (NYSE: YQ), operator of the largest
live streaming platform for Developed Asia, has a mission to
empower artists and has disrupted the traditional artist-agency
model by implementing a robust and systematic process to discover,
train, develop and promote artists. M17 Entertainment allows people
to connect with the world anytime and anywhere directly from their
mobile devices to showcase their talents and passions and realize
their dreams. M17 Entertainment is a tech-enabled and data-driven
entertainment company led by veteran media and entertainment
executives with experience managing top artists and producing high
quality music and video content in Asia, as well as operating
social and interactive entertainment platforms in Asia and
globally. The company’s interactive entertainment platform includes
17 Media, the largest live streaming platform by revenue in
Developed Asia with a market share of 19.2% in the first quarter of
2018, according to Frost & Sullivan, and 33.3 million
registered users. M17 Entertainment also operates dating
applications Paktor, which was launched in Singapore in 2013, and
Goodnight. For more information regarding M17 Entertainment, please
visit http://m17.asia/.
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version on businesswire.com: https://www.businesswire.com/news/home/20180607005456/en/
For investor and media inquiries:M17 Entertainment
LimitedAgatha Su, +886-2-2720-8688 ext.
221agatha@17.mediaorOgilvyDerek Mitchell,
+65-6213-7929m17@ogilvy.com
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