The company’s recent SEC filing update had revealed that its IPO shares would be priced between $10.50 and $12.50. In other words, it ended up opting for the lower end of its range, which translates into a market cap of $558 million.
Initially launched as Duowan, the company boasts a whopping 400.5 million registered accounts as of the end of September, with a peak of 10 million concurrent users and around 70.5 million monthly active users.
This news is likely to draw attention in the financial and tech markets, as US IPOs from Chinese tech companies have been scarce this year. As you may remember, China Mobile Games and Entertainment Group (CMGE) arrived on the NASDAQ stock exchange last September, but was met with chilly reception.
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