China’s biggest live-streaming platform Douyu announced on Wednesday it raised $775 million after pricing its US initial public offering (IPO) at the low end of the indicated range.
Why it’s important: The deal is so far the largest Chinese IPO in the US in 2019, eclipsing that of Luckin Coffee which raised $645 million, according to Reuters, citing market data.
The Tencent-backed video game live-streaming platform in April filed its IPO application to Securities and Exchange Commission (SEC), following its largest Chinese competitor Huya, which listed in May last year.
The company delayed its IPO roadshow in May amid the intensifying US-China trade war.
Details: The Wuhan-based company sold American depositary shares (ADS) at $11.5 each, compared with a previously stated target of $11.5 to $14.0, said the company on Wednesday.
The company’s market cap reached $3.73 billion after the pricing.