Tencent-backed video-gaming streaming platform DouYu to raise US$944m in New York

Business | 9 Jul 2019 11:11 am

DouYu International Holdings, a Chinese video-game live-streaming platform, is seeking to raise US$944 million in a U.S. initial public offering, Bloomberg reports.

The company, which delayed its IPO amid market jitters in May, filed Monday to offer 44.9 million American depository shares for US$11.50 to US$14 each.

Current investors will offer an additional 22.5 million shares for sale, according to the company’s filing with the U.S. Securities and Exchange Commission.

DouYu, one of China’s top two video-game live-streaming platforms, initially planned to start its IPO roadshow in May but postponed it following President Donald Trump’s threat to boost tariffs on China, people familiar with the matter said at that time.

The Wuhan-based company had filed for its IPO on April 22, almost a year after its biggest competitor, Huya Inc., went public in the U.S.

DouYu, backed by Tencent Holdings, had been aiming to raise about US$500 million, one of the people said in May.

Holders planning to sell shares in the IPO include Aodong Investments and Co-Chief Executive Officer and co-founder Zhang Wenming, according to Monday’s filing.

The offering is being led by Morgan Stanley, JPMorgan Chase & Co., Bank of America Corp. and CMB International Capital. The shares are expected to trade on the Nasdaq Global Select Market under the symbol DOYU.

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