Chinese streaming firm Huya raises $180m in IPO
Esports broadcast platform meets high-end expectations with value of $12 per share
Huya has successfully completed an Initial Public Offering, raising $180 million and securing approval to be listed on the New York Stock Exchange.
The China-based firm is a subsidiary of livestreaming social media service YY, with Huya specialising in video games and esports-related broadcasts.
The company sold 15 million shares during the IPO at a price of $12 per share, according to an official release. Earlier this month, an article on Nasdaq claimed Huya was aiming for $165 million, with a price range of $10 to $12.
The firm is now listed on the New York Stock Exchange under the ticker HUYA, with CEO Rongije Dong invited to ring the Exchange's opening bell in celebration on Friday, accompanied by other executives and guests of Huya.
Huya was formed in 2014. Last year, it achieved $336m in sales, with an average of 40 million monthly active users on mobile for the three months ended December 31st.
Earlier this year, Huya raised $461.6 million in a Series B funding round, led by Tencent. While the latter's exact investment was not specified and YY retains control of the firm, Tencent has reportedly received the right to purchase additional shares in order to achieve a 50.1% stake.
According to Reuters, YY Inc holds 54.9 per cent of the voting power for Huya, while Tencent holds 39.5 per cent.