DouYu Raises IPO Target to $943 Million, Sets Price Range
China's largest livestreaming platform DouYu International Holdings Ltd. raised its IPO target to up to $943 million ahead of an initial public offering in New York.
In a most recent filing with the U.S. Securities and Exchange Commission, DouYu said it seeks to sell 67.4 million of its American depositary shares in the price range of between $11.50 and $14.00 per share on the Nasdaq Global Select Market.
The company, a rival of Huya Inc. (NYSE: HUYA), initially filed for an IPO of up to $500 million in April.
The Wuhan-based company streams a variety of content on its video-sharing platform. In addition to gaming, DouYu broadcasts sports, cooking, and other entertainment. The company also hosts virtual game tournaments on a massive scale, drawing hundreds of thousands of arcade fans.
DouYu reported that its revenue has more than doubled to $221.9 million in the three months through March from $98 million from the same period last year. Net income reached $2.7 million in contrast to a net loss of $23 million a year ago.
DouYu is expected to lift off on Wall Street under the symbol "DOYU" on July 17.
The stock of Huya, Douyu's direct rival in China, closed up 2 percent Tuesday, at $25.40 per ADS.
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