Live-streaming platform DouYu has launched its initial public offering on the New York Stock Exchange with 67,387,110 American Depository Shares ("ADSs").
Each share is priced at $11.5 per ADS, and one ordinary share will be comprised of 10 ADSs. Trading began on Nasdaq under 'DOYU' yesterday, July 17th.
The ADSs are offered by two parties, a majority 44,924,730 ADSs have been released by the company and the remaining 22,462,380 ADSs are offered by shareholders in DouYu.
The IPO raised $775 million, netting DouYu a cool $517 million of capital.
Streaming platforms are growing rapidly in China, and a lack of access to sites such as YouTube and Twitch in the region has allowed local platforms to thrive. DouYu is backed by gaming behemoth Tencent, and is competing against rival platform Huya which also launched its own IPO in the US last year. Huya is also backed by Tencent
This story was originally published on InfluencerUpdate.biz.