Tencent-backed DouYu’s US$775 million IPO is the largest by a Chinese company in the US this year
- Company sells 67.4 million American depositary shares at US$11.5 each
- Fundraising overshadows Luckin Coffee’s US$561 million Nasdaq IPO in May
Live-streaming platform DouYu International Holdings has raised US$775 million, making it the largest Chinese IPO in the US this year after the company priced its deal at the low end of the indicative range.
DouYu, which is backed by Chinese gaming giant Tencent Holdings, sold 67.4 million American depositary shares (ADS) at US$11.5 each, giving it a valuation of US$3.73 billion.
The company had set a pricing target of US$11.5 to US$14 for the ADS. Every 10 ADS represent one share.
Despite a seemingly lacklustre pricing, the e-sports and gaming streaming company has overshadowed Luckin Coffee’s US$561 million initial public offering and social commerce company Yunji’s US$121 million fundraising. Both these companies listed on Nasdaq in May.
DouYu initially announced plans to raise US$500 million in April, before delaying the listing the following month amid global tensions which have filtered into the technology sector. In July, it filed again with the aim of raising up to US$994 million.